HomeMobileElon Musk Faces $258 Billion Class Action Lawsuit Over Dogecoin

Elon Musk Faces $258 Billion Class Action Lawsuit Over Dogecoin

Elon Musk looks at the camera in a weird way during a fancy 2022 party.

Picture: Gotham (Getty Pictures)

Notorious web clown and horrible SNL host Elon Musk and his two giant corporations, Tesla and SpaceX, are going through a ludicrously giant $258 billion lawsuit over…uh…Dogecoin. As I’ve mentioned earlier than, 2022 is only a wild 12 months of headlines.

Bloomberg reported yesterday that Musk and his corporations are being sued over claims that they’re a part of a racketeering scheme involving the Dogecoin cryptocurrency. The doubtless costly lawsuit was filed by Keith Johnson, who claims that Musk, SpaceX, and Tesla have been all a part of a large-scale pyramid scheme designed to regulate the value of Dogecoin whereas additionally convincing folks on-line that the cryptocurrency was a authentic and sound funding. Johnson filed the lawsuit on June 16 within the Southern District Courtroom of New York in Manhattan.

In court docket docs, Johnson’s authorized crew says that Musk and his corporations artificially and illegally inflated the value of Dogecoin. Within the docs, Johnson additionally alleges that he was “defrauded out of cash” by Musk’s “Dogecoin Crypto Pyramid Scheme.” (That, by the best way, was the title of my electro-pop-punk band in highschool.)

As reported by Bloomberg, Johnson argues Musk and his corporations “falsely and deceptively” claimed that the cryptocurrency named after an web joke and created in 2013, was a “authentic funding.” Nonetheless—and it is a actual shocker so that you would possibly wish to sit down—Johnson claims that Dogecoin truly has “no worth in any respect.”

Learn Extra: Recreation Devs Inform Elon Musk He’s Improper About What It Takes To Make One thing Good

Johnson is searching for $86 billion in damages. On high of that, he desires 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 underneath New York and US Federal legislation, all buying and selling of Dogecoin is definitely playing and ought to be regulated as such. Add that each one up and also you attain the astronomical variety of $258 billion. For somewhat context. Disney purchased all of Lucasfilm and Star Wars for $4 billion. And on the begin of this 12 months, Mircosoft purchased Activision for $70 billion.

Kotaku has contacted Tesla and SpaceX in regards to the lawsuit.

In accordance with the lawsuit, Johnson is searching for class-action standing with a purpose to symbolize different buyers who additionally misplaced money buying and selling in Dogecoin since April 2019.

Musk has been within the information just lately 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. Talking 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.


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