Tesla CEO Elon Musk is facing a class action lawsuit over Dogecoin (DOGE) shares.
One of the plaintiffs, Keith Johnson, expressed that he wanted to represent the people who were hurt by Dogecoin.
Musk, who has long tweeted about Dogecoin and played an important role in the asset’s rise, has been accused of participating in a “crypto pyramid scheme.” Johnson claimed that Dogecoin is a scam designed for idiots.
Plaintiff Johnson cited a tweet by Dogecoin co-founder Jackson Palmer to support his case. Palmer has previously harshly criticized cryptocurrencies, saying it resembles a “cult-like” scheme.
Johnson claimed that Elon Musk encouraged people to buy Dogecoin.
Johnson emphasized that Elon Musk and company employees cheated on an asset that is a parody of Bitcoin into seeing it as a viable asset class.
The lawsuit demands that Elon Musk and his company stop advertising the meme token.
Plaintiff claimed that the defendants had enriched $86 billion with the help of deceptive practices. Plaintiffs are seeking $172 billion in damages.
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