Elon Musk Faces $258 Billion Lawsuit Over Alleged Dogecoin Pyramid Scheme
Photo: Gotham (Getty Images)
Infamous web clown and horrible SNL host Elon Musk and his two massive firms, Tesla and SpaceX, are going through a ludicrously massive $258 billion lawsuit over…uh…Dogecoin. As I’ve mentioned earlier than, 2022 is only a wild 12 months of headlines.
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Bloomberg reported yesterday that Musk and his firms are being sued over claims that they’re a part of a racketeering scheme involving the Dogecoin cryptocurrency. The doubtlessly costly lawsuit was filed by Keith Johnson, who claims that Musk, SpaceX, and Tesla had been all a part of a large-scale pyramid scheme designed to regulate the value of Dogecoin whereas additionally convincing individuals on-line that the cryptocurrency was a respectable and sound funding. Johnson filed the lawsuit on June 16 within the Southern District Court of New York in Manhattan.
In court docket docs, Johnson’s authorized staff says that Musk and his firms artificially and illegally inflated the value of Dogecoin. In the docs, Johnson additionally alleges that he was “defrauded out of money” by Musk’s “Dogecoin Crypto Pyramid Scheme.” (That, by the best way, was the identify of my electro-pop-punk band in highschool.)
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As reported by Bloomberg, Johnson argues Musk and his firms “falsely and deceptively” claimed that the cryptocurrency named after an web joke and created in 2013, was a “legitimate investment.” However—and this can be a actual shocker so that you may need to sit down—Johnson claims that Dogecoin really has “no value at all.”
Read More: Game Devs Tell Elon Musk He’s Wrong About What It Takes To Make Something Good
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Johnson is in search of $86 billion in damages. On high of that, he needs triple damages of $172 billion in addition to a authorized order from the court docket blocking Musk from selling Dogecoin. On high of all that, he’s additionally declaring that below New York and US Federal legislation, all buying and selling of Dogecoin is definitely playing and ought to be regulated as such. Add that every one up and also you attain the astronomical variety of $258 billion. For a little bit context. Disney purchased all of Lucasfilm and Star Wars for $4 billion. And at the beginning of this 12 months, Mircosoft purchased Activision for $70 billion.
Kotaku has contacted Tesla and SpaceX in regards to the lawsuit.
According to the lawsuit, Johnson is in search of class-action standing to be able to signify different traders who additionally misplaced money buying and selling in Dogecoin since April 2019.
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Musk has been within the information not too long ago for his ongoing feud with a online game comedy web site on Twitter. And the funniest a part of that feud is how badly Musk is dropping. Speaking of Twitter, the billionaire 50-year-old is attempting to purchase the social media website for a whopping $44 billion {dollars}. He additionally has a extremely horrible Elden Ring construct.