Elon Musk was sued by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency.

An investor in dogecoin, originally created as a joke but whose value  increased and fell as it was promoted by Elon Musk, filed a $258 billion  lawsuit

He is asking for his motion, filed in a New York court, to be classified  as a class action suit on behalf of those who have suffered losses by  investing in dogecoin since 2019.

The case is Johnson v. Musk et al, U.S. District Court, Southern District of New York, No. 22-05037.

Johnson is seeking $86 billion in damages, representing the decline in Dogecoin's market value since May 2021, and wants it tripled.

He also wants to block Musk and his companies from promoting Dogecoin  and a judge to declare that trading Dogecoin is gambling under federal  and New York law.

Johnson named Elon Musk's Tesla electric carmaker in the suit since it accepts dogecoin as payment for certain derivative products.

SpaceX was also included for having named one of its satellites after  dogecoin. Musk is the chief executive officer (CEO) of both Tesla and  SpaceX.