The investor, named Keith Johnson, is holding Musk and his companies Tesla and SpaceX liable. He believes that the dogecoin billionaire has created a pyramid scheme to push the price up. Musk abused his podium as the world’s richest man for profit, attention and entertainment, the indictment says.
Johnson also demands that Musk, Tesla and SpaceX are no longer allowed to promote dogecoin. He also wants a jury to declare that trading in crypto is equivalent to gambling according to the law.
After Musk especially praised dogecoin via Twitter, the price shot up like a rocket more than a year ago. From the top of $0.74, only 6 cents is left.
Investors are not yet concerned about the claim. Tesla shares gain more than 3% in the first hour of trading on the Nasdaq.