Elon Musk along with his billion-dollar companies, Tesla and Space X, is facing a $258 billion dollar lawsuit filed by plaintiff Keith Johnson. In a court in Manhattan Johnson accuses Musk of allegedly pumping the cryptocurrency Dogecoin in order to maximize profit margins.

Elon Musk is being accused of an illegal practice known as Pumping and Dumping. The pump refers to the sharp increase in the value of a currency, this is due to a group of investors promoting a currency/stock and then selling once the value is high due to their promotion. Once the investors sell their shares the currency falls severely, hence dumping.