TechFlow news — Billionaire Elon Musk faces a class-action lawsuit for promoting Dogecoin, filed earlier Thursday in a federal court in Manhattan, New York.
Plaintiff Keith Johnson claims he intends to represent victims defrauded by the meme coin, stating they were "duped by (Musk's) crypto pyramid scheme." Johnson is seeking $258 billion in damages. The lawsuit names both SpaceX and Tesla, alongside Musk, as defendants, alleging their involvement in an illegal racketeering operation designed to inflate Dogecoin’s price. The complaint states, "Defendants falsely and deceptively claimed that Dogecoin was a legitimate investment, when it had no value whatsoever."
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