Elon Musk was on Thursday 16th of June, 2022, sued by one Keith Johnson, a Dogecoin investor, who accused Elon Musk of running a pyramid scheme to support the Dogecoin cryptocurrency. Keith Johnson accused Elon Musk of racketeering through Dogecoin, driving up its price, then letting the price tumble. The complaint was filed in a federal court in Manhattan, United States of America.

Keith Johnson claims that Elon Musk was aware since 2019 that Dogecoin had no form of value, yet he promoted Dogecoin to profit from its trading. He said Elon Musk used his position as the World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement.

Tesla, SpaceX and a lawyer for Musk did not immediately respond to requests for comment.

A lawyer for Johnson did not immediately respond to requests for comment on what specific evidence his client has or expects to have that proves Dogecoin is worthless and the defendants ran a pyramid scheme.

Johnson is seeking $86 billion in damages, representing the decline in Dogecoin’s market value since May 2021, and wants it tripled.