Elon Musk Reveals True Feelings for Dogecoin After Massive Crypto Crash, $258 Billion Lawsuit

Billionaire Elon Musk is regarded as one of the richest people. However, he and his two largest companies, Tesla and SpaceX, may lose around $258 billion; thanks to a lawsuit regarding Dogecoin. The $258 billion lawsuit was filed by Keith Johnson, who claims that Musk and the two companies are involved in a racketeering scheme about the now-infamous cryptocurrency.

According to Bloomberg, the pyramid scheme led by Musk was designed to control the price of Dogecoin, and it helped convince people online that it was a legitimate investment. Johnson filed the lawsuit on June 16 in Manhattan's Southern District Court of New York.

Elon Musk May Have Artificially Inflated the Price of Dogecoin

Court documents from the lawsuit claimed that Musk illegally and artificially inflated Dogecoin's price. It also alleges that Musk's "Dogecoin Crypto Pyramid Scheme" defrauded Johnson out of his money. It also adds that the scheme was false and deceptive in claiming to be a legitimate investment. They have also claimed that it was named after a 2013 internet joke and had "no value at all."

Kotaku reports that Johnson is now seeking $86 billion in damages. In addition, he also wants the sum of $172 billion, as well as seeking the court to block Musk from promoting Dogecoin. This all sums up to $258 billion, plus Musk ceasing the promotion of the cryptocurrency.

Elon Musk To Continue Supporting Dogecoin Despite Lawsuit

With the potentially large amounts of money that he might lose in this lawsuit, including paying Johnson damages as well as legal fees, Musk has remained resolute in his support for Dogecoin. In a recent tweet, Musk wrote he will "keep supporting Dogecoin."

Musk also tweeted that he would continue buying Dogecoin, and this has gotten investors in the cryptocurrency excited. The tweet has garnered replies stating that they were also going to buy more Dogecoin. But there were also plenty of sarcastic replies from critics as well.

Cryptocurrency news website Decrypt reported that following Musk's tweet, the price of Dogecoin also went up by 8% to $0.058. The rise was only a meager increase compared to its huge increase when Elon Musk hosted "Saturday Night Live" and mentioned Dogecoin. It went up in value to 72 cents before dropping once again.

Musk has been very vocal about his support for Dogecoin, stating that it is his favorite cryptocurrency. Every time Musk mentions the meme-inspired cryptocurrency, searches for the coin on Google have spiked. However, Musk is not the only high-profile billionaire Dogecoin supporter, as Dallas Mavericks owner, entrepreneur, and reality show judge Mark Cuban has also advocated using it for making payments. Cuban has told CNBC that Dogecoin is the strongest cryptocurrency that might be used as a method of payment.

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Written by: Rick Martin

WATCH: Investor Sues Elon Musk Over Alleged Dogecoin Pyramid Scheme