×
App Icon
The Standard e-Paper
Home To Bold Columnists
★★★★ - on Play Store
Download App

Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme

Elon Musk reacts at a post-launch news conference after the SpaceX Falcon 9 rocket. [Reuters]

Elon Musk was sued for $258 billion on Thursday by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency.

In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price, only to then let the price tumble.

Get Full Access for Ksh299/Week.
Fact‑first reporting that puts you at the heart of the newsroom. Subscribe for full access.
  • Unlimited access to all premium content
  • Uninterrupted ad-free browsing experience
  • Mobile-optimized reading experience
  • Weekly Newsletters
  • MPesa, Airtel Money and Cards accepted
Already a subscriber? Log in