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More Investors Are Suing Elon Musk Over an Alleged $258 Billion Dogecoin Pyramid Scheme

Posted on AllSides September 9th, 2022
From The Center
Kaitlyn Flannagan for Observer

The $258 billion class action lawsuit accusing Elon Musk of running a pyramid scheme to inflate the price of dogecoin, a meme-based cryptocurrency, has added seven new investor plaintiffs and six new defendants, including The Boring Company, a tunneling startup owned by Musk, according to an amended complaint filed on Sept. 6 in a New York federal court.

Keith Johnson, a dogecoin investor, sued Musk in June, accusing him of intentionally driving up dogecoin’s price by more than 36,000 percent between 2019 and 2021 and then letting it crash, causing huge losses...

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