On Thursday, Elon Musk face a $258 billion lawsuit by a Dogecoin investor, accusing him of conducting a pyramid scheme to support the cryptocurrency.
In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk of driving up its price, only to then let the price tumble.
Johnson is seeking $258 billion in damages, triple the market value of Dogecoin at $86 billion in May 2021, before its fall.
He also wants to stop Musk and his firms from promoting Dogecoin and for a judge to declare Dogecoin as gambling under both federal and New York law.
On Thursday, Dogecoin traded around 5.8 cents, down from its May 2021 peak of about 74 cents.
