Saudi Press

Saudi Arabia and the world
Saturday, Feb 22, 2025

Elon Musk sued for $258bn over claims he ran a pyramid scheme to promote Dogecoin

Elon Musk sued for $258bn over claims he ran a pyramid scheme to promote Dogecoin

The world's richest man - alongside Tesla and SpaceX, the companies he is CEO of - are accused of "promoting Dogecoin to profit from its trading".
Elon Musk is being sued for $258bn (£209bn) over accusations he ran a pyramid scheme to promote a cryptocurrency called Dogecoin.

The digital asset was launched as a joke in 2013 and was designed to mock Bitcoin.

But the cryptocurrency - also known as DOGE - hit the headlines after surging dramatically last year.

In a little over four months, Dogecoin rallied from $0.004 to $0.73 - a gain of more than 18,000%.

Musk regularly tweeted about DOGE during this period, and on the day the coin began to fall, he described it as a "hustle" on the US comedy show Saturday Night Live.

Dogecoin has fallen dramatically over the past year - and at the time of writing, it has fallen 92% from the record high seen last May.

The world's richest man - alongside Tesla and SpaceX, the companies he is CEO of - are accused of "promoting Dogecoin to profit from its trading".

A complaint filed in a New York court adds: "Musk used his pedestal as the world's richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure and amusement."

Musk is being sued by an American man called Keith Johnson, who alleges he was "defrauded out of money" as a result of the entrepreneur's endorsements.

Mr Johnson's lawyers assert that the cryptocurrency "has no value at all" - and court filings feature quotes from billionaires Bill Gates and Warren Buffett, who have both questioned the value of such digital assets.

The plaintiff wants to represent those who have lost money through Dogecoin since 2019.

Beyond his demands for $258bn in damages, he also wants Musk, Tesla and SpaceX to be banned from promoting DOGE.

Earlier this year, Tesla began accepting Dogecoin as a payment method for merchandise - but not its electric cars.

Elon Musk - who is currently in the process of taking over Twitter - is yet to comment on the lawsuit.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Arabia and the United States Strengthen Ties Amid Global Developments
Saudi Arabia Hosts Global Conference to Promote Islamic Unity
The Impact of Artificial Intelligence on Education and Child Development
Saudi Arabia Announces Competition for Best Founding Day Outfits
Saudi-EU Food Security Officials Hold Talks to Strengthen Collaboration
Putin Expresses Gratitude to Saudi Crown Prince for Hosting US-Russia Talks
UK and Saudi Arabia Enhance Collaboration in Innovation and Technology
Denmark's Embassy in Riyadh Showcases Danish Cuisine with Saudi Influence
Saudi Artist Salman Al-Amir Unveils 'Tafawut' Exhibition in Riyadh
Saudi Arabia Offers Condolences to Kuwait Following Military Exercise Fatalities
Saudi Ministry of Islamic Affairs Completes Ramadan Preparations in Madinah
Etidal Secretary-General Hosts UN Counter-Terrorism Director in Riyadh
ADNOC Drilling Targets Over $1 Billion in Investments for 2025 Amid Gulf Expansion Plans
Derayah Financial Achieves Remarkable Growth in Saudi Brokerage and Asset Management
Saudi Arabia Shortlists 30 Firms for Mining Licenses in Eastern Province and Tabuk
Saudi Foreign Minister Engages Counterparts at G20 Meeting in Johannesburg
Oil Prices Decline Amid Rising US Inventories
Saudi Arabia's NDMC Plans Green Bond Issuance by 2025
Moody’s Affirms Egypt’s Caa1 Rating Amid Positive Economic Outlook
Oman and Saudi Arabia Strengthen Economic Ties with New Agreements
Saudi Arabia Investments Propel Expansion of Qurayyah Power Plant
Saudi Capital Market Authority Advances SPACs and Direct Listings
Global Energy Leaders Gather in Riyadh for Symposium on Energy Outlooks
Al-Ahsa Region Sees 500% Growth in Tourism as Saudi Arabia Prioritizes Development
Saudi Arabia Advances Entrepreneurial Ecosystem in Al-Ahsa with New Agreement
King Salman Approves Official Saudi Riyal Symbol
Saudi Credit Card Lending Reaches $8.4 Billion Amid Digital Payment Expansion
King Salman Approves Official Symbol for Saudi Riyal
Putin Thanks Saudi Crown Prince for Facilitating U.S.-Russia Discussions
Saudi Foreign Minister Attends G20 Meeting in Johannesburg
Saudi Arabia Prepares for Nationwide Founding Day Celebrations
Inauguration of Hira Park and Walkway Enhances Jeddah's Urban Landscape
Crown Prince Hosts Leaders for Informal Meeting in Riyadh Amid Gaza Rebuilding Plans
Saudi Official Highlights Achievements and Media's Role in National Transformation
Three Expatriate Women Arrested for Prostitution in Riyadh
Saudi Arabia's Diplomatic Evolution Highlighted at Saudi Media Forum
Healthy Eating and Preparation Essential for Ramadan Fasting
Saudi Arabia and Japan Forge Sustainable Textile Partnership
Advanced Limb Surgery Restores Mobility in Pediatric Cancer Patient
Jeddah Event Explores AI's Role in Boosting Saudi Arabia's SME Sector
UN Representative Highlights AI's Role in Perpetuating Gender Stereotypes
Saudi and Jordanian Leaders Discuss Enhanced Security Cooperation in Amman
Saudi British Society Honors Cultural Bridge-Builders at London Gala
Saudi Media Forum 2025 Explores AI's Role in Modern Journalism
Saudi Arabia's Saqer Al-Moqbel Appointed as WTO General Council President for 2025–2026
Saudi Deputy Ministers Engage in Diplomatic Discussions with U.S. and Dutch Officials in Riyadh
Saudi Arabia to Launch Iftar Program in 61 Countries During Ramadan
Saudi Visitors Expected to Spend £942 Million in UK During 2025
Saudi Arabia Gifts Kaaba's Kiswah to Uzbekistan's Center of Islamic Civilization
Digital Cooperation Organization Concludes Fourth General Assembly with Multiple Agreements
×