Dogecoin investor sues Elon Musk, Tesla and SpaceX for $258 billion

Hundreds of billions of dollars have been wiped out by the recent crypto sell-off

An American Dogecoin investor filed a class action lawsuit against Elon Musk, Tesla, and SpaceX on Thursday in Manhattan federal court

Token prices have repeatedly risen in response to Musk's frequent mentions of the dog-themed cryptocurrency on Twitter

As evidence of his influence over the cryptocurrency, the plaintiff in this claim appears to be relying on Musk's tweets and his own allusions to himself as "Dogefather."

In the past few days, cryptocurrency has dropped from a high of almost $0.74 to just over $0.05

Three times $86 billion in damages are sought in the suit

The lawsuit asks for three times the $86 billion in damages that the plaintiff says Dogecoin investors have lost since Musk started tweeting about it

"Defendants falsely and misleadingly claim that Dogecoin is a good investment when it has no value at all," Keith Johnson, the person who filed the complaint, said

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