Elon Musk, and two of his companies, Tesla and SpaceX, are facing a $258 billion lawsuit for allegedly pumping Dogecoin, according to a report from Bloomberg.

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In a complaint filed in federal court in Manhattan on Thursday, plaintiff Keith Johnson claimed Musk was part of a racketeering scheme to back the cryptocurrency.

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The court documents state Johnson is an American citizen who said he was defrauded out of money by the “defendants’ Dogecoin Crypto Pyramid Scheme.” Johnson argued Musk drove up the price of Dogecoin with various tweets simply for his own “profit, exposure and amusement.”

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"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading," the complaint said.

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“Since defendant Musk and his corporations SpaceX and Tesla Inc. began purchasing, developing, promoting, supporting, and operating dogecoin in 2019, [the] plaintiff and the class have lost approximately $86 billion in this crypto pyramid scheme,” the court document adds.

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Johnson aims to represent all investors who lost money trading the meme cryptocurrency. He is asking for $86 billion in damages and triple damages of $172 billion.

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In addition, he is seeking an order blocking Musk and his companies from promoting Dogecoin, and declaring that Dogecoin trading constitutes gambling under U.S. and New York law.

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