Billionaire Tesla CEO and crypto enthusiast Elon Musk has pledged to keep supporting Dogecoin, in spite of a lawsuit that was filed against him earlier this week alleging that he ran a pyramid scheme to promote the token.
In a complaint filed in a federal court in Manhattan on Thursday, crypto investor Keith Johnson accused Musk of intentionally driving up the price of Dogecoin with his remarks on the crypto coin, only to allow the price to drop and make a profit on the difference.
“Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading. Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement,” the complaint said, as cited by Reuters.