The lawsuit claims $ 258 billion from Elon Musk for his support of dogecoin
An investor who lost money by betting on Dogecoin filed a lawsuit last Thursday claiming $ 258 billion from the multibillionaire and his companies Tesla and SpaceX. Keith Johnson describes himself as an American citizen who has been defrauded by a pyramid scheme and demands that his complaint, filed in a New York court, be classified as a class action on behalf of investors who have suffered losses by betting on dogecoin. from 2019.
Elon Musk had spoken out in favor, very often jokingly, of DOGE that year, and presumably, it can be seen from the volumes that rose when Musk wrote the tweets, many people who have invested money may have lost about $ to date. 80 billion, it is estimated. Keith Johnson asked for reimbursement of this sum and double the damages, or 172 billion.
Created in 2013, dogecoin was an ironic response to two Internet phenomena of the year: cryptocurrencies, which multiplied in the wake of bitcoin, and montages of a photo of a Shiba Inu dog that was very popular on the Internet. The price of the dogecoin has fallen below one cent for most of its history. But driven by a certain buying frenzy around unlikely values in early 2021 as well as Elon Musk’s multiple messages of praise on Twitter, dogecoin jumped to over 70 cents in May 2021. Then it started backing off, coincidentally. immediately after a satirical show that aired, in which Elon Musk spoke ill of it. Keith Johnson believes Elon Musk inflated Dogecoin’s price, capitalization, and trading volumes by advertising it. He has transcribed in his he denounces the many tweets transmitted about the richest man in the world, who has about 100 million subscribers, one of which promises to literally bring Dogecoin to the moon. Keith Johnson also compared Dogecoin to a pyramid scheme in that, according to the complaint, the virtual currency has no intrinsic value, produces nothing, is not backed by any tangible assets and the number of “coins” in circulation is unlimited. And – as far as DOGE is concerned – at least this reasoning is flawless.
