Elon Musk Faces $258 Billion Class Lawsuit Over Dogecoin
The infamous internet clown and bad SNL Host Elon Musk and his two big companies, Tesla and SpaceX, are facing a ridiculously large $258 billion lawsuit over… uh… Dogecoin. As I said before, 2022 was just a wild year of headlines.
Bloomberg yesterday’s report that Musk and his companies are being sued for claiming they were part of a scam involving the Dogecoin cryptocurrency. Lawsuits can be expensive Submitted by Keith Johnson, who claims that Musk, SpaceX, and Tesla are all part of a large-scale pyramid scheme designed to control the price of Dogecoin while also convincing people online that the cryptocurrency is a legitimate investment and correct. Johnson filed the lawsuit June 16 in New York’s Southern District Court in Manhattan.
In court documents, Johnson’s legal team says Musk and his companies artificially and illegally raised prices Dogecoin. In the documents, Johnson also alleges that he was “frauded of money” by Musk’s “Dogecoin Cryptocurrency Pyramid Plan”. (That’s the name of my electric-pop-punk band in high school, by the way.)
According to the report of BloombergJohnson argued that Musk and his companies had “perjured and deceived” claiming that the cryptocurrency, named after an internet joke and created in 2013, is a “legitimate investment.” France”. However – and this is a real shock so you might want to sit down – Johnson claims that Dogecoin is actually “worthless”.
Read more: Game Developers Tell Elon Musk He’s Wrong About What It Takes To Make Something Good
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Johnson is seeking $86 billion in damages. On top of that, he wants triple compensation of $172 billion as well as a legal order from the court that prevents Musk from promoting Dogecoin. On top of that, he also stated that under the laws of the Federation of New York and the United States, all Dogecoin trading is actually gambling and should be regulated as such. Add it all up and you arrive at the astronomical figure of $258 billion. For a little context. Disney acquired all of Lucasfilm and Star Wars for $4 billion. And at Earlier this year, Mircosoft acquired Activision for $70 billion.
Kotaku contacted Tesla and SpaceX about the lawsuit.
According to the lawsuit, Johnson is seeking class action status to represent other investors who have also lost money trading cash in Dogecoin since April 2019.
Recently, Musk was reported on about his ongoing feud with a video game comedy website on Twitter. And the funniest part of that feud is how horribly Musk lost. Speaking of Twitter, the 50-year-old billionaire is trying to acquire the social networking site to a whopping $44 billion dollars. He also has a really terrible Elden Ring build.