The richest man on the planet, according to Forbes, and the CEO of Tesla and SpaceX, Elon Musk, is facing a whopping $258 billion lawsuit for his involvement in promoting Dogecoin. The motion was filed in the federal court in Manhattan, New York, and it is a class-action lawsuit, meaning that a suing party is a group of people, not an individual.

The plaintiff’s name is Keith Johnson, and he accuses the multi-billionaire for being a part of “a crypto pyramid scheme”, and that Dogecoin was a fraudulent project specifically designed to fool the people. Moreover, Johnson also went on to cite the co-founder of Dogecoin himself and one of the most vocal critics of crypto, Jackson Palmer, specifically the tweet where Palmer refers to the crypto industry as “cult-like”.

Johnson, who otherwise expressed that he is interested in representing all people that lost money as a consequence of investing in this meme cryptocurrency, states that Elon Musk lied about the actual value of Dogecoin in order to entice his followers to purchase more of the cryptocurrency.

According to details from the lawsuit, due to Musk’s purposeful misrepresentation of the actual price of Dogecoin, going as far as to compare it with the most valuable cryptocurrency in the world, Bitcoin, many people were left with zeros in their bank accounts.

Not only that, but the lawsuit also states that in addition to the defendants, their employees have also been mentioned as part of the scheme to deceive the users, meaning that everyone will be held accountable regardless of their status in the company.

Finally, the $258 billion class-action lawsuit that Elon Musk is currently facing, demand that both he and his companies should stop promoting Dogecoin.

For the time being, everyone is anxiously waiting to hear an official response from either Mr Musk or the federal court in Manhattan.