In a case filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, owner of Tesla Inc, and SpaceX of racketeering for promoting Dogecoin and pushing up its price, only to see it plummet. Johnson's lawyer did not immediately reply to questions for comment on what particular proof his client has or expects to have proving Dogecoin is worthless, and the defendants conducted a pyramid scheme. Johnson is suing for 86 billion USD in damages, which he claims represents the fall in Dogecoin's market value since May 2021, and he wants it tripled.

The complaint said that defendants were aware since 2019 that Dogecoin had no value nevertheless marketed Dogecoin in order to profit from its trade. It also stated that Musk exploited his position as the World's Richest Man to profit, expose, and delight himself by operating and manipulating the Dogecoin Pyramid Scheme. The case also includes quotes from Warren Buffett, Bill Gates, and others who have questioned the worth of cryptocurrencies.

Movement of Dogecoin price since coming to the market. (Source: CoinDesk)

Sources:

https://www.coindesk.com/price/dogecoin/

https://www.investing.com/news/stock-market-news/elon-musk-sued-for-258-billion-over-alleged-dogecoin-pyramid-scheme-2838028

https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/

https://www.forbes.com/sites/brianbushard/2022/06/16/elon-musk-spacex-and-tesla-sued-for-258-billion-in-alleged-dogecoin-pyramid-scheme/?sh=51c37271981f

https://www.bloomberg.com/news/articles/2022-06-16/musk-tesla-spacex-are-sued-for-alleged-dogecoin-pyramid-scheme