Notorious internet clown and terrible SNL Host Elon Musk and its two major companies, Tesla and SpaceX, are facing a ridiculously large $258 billion lawsuit over…er…dogecoin. As I said before, 2022 is just a wild year of headlines.
Bloomberg reported yesterday that Musk and his companies will be sued over claims that they are part of an extortion scheme using the cryptocurrency Dogecoin. The potentially expensive litigation was submitted by Keith Johnson, who claims that Musk, SpaceX, and Tesla were all part of a large-scale pyramid scheme aimed at controlling Dogecoin’s price while convincing people online that the cryptocurrency was a legitimate and sound investment. Johnson filed the lawsuit June 16 in the Southern District Court of New York in Manhattan.
In court documents, Johnson’s legal team says Musk and his companies artificially and illegally inflated the price Dogecoins. In the documents, Johnson also claims that he was “cheated out of money” by Musk’s “Dogecoin Crypto Pyramid Scheme.” (That was the name of my electro-pop-punk band in high school, by the way.)
As reported by Bloomberg, Johnson argues that Musk and his companies “falsely and misleadingly” claimed that the cryptocurrency, named after an internet joke and created in 2013, was a “legitimate investment.” However – and this comes as a real shock, so you might want to sit down – Johnson claims that Dogecoin actually has “no value at all.”
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Johnson is seeking $86 billion in damages. He is also seeking $172 billion in treble damages and a court order preventing Musk from mining Dogecoin. In addition, he also states that under New York and US federal laws, all trading in Dogecoin is actually gambling and should be regulated as such. Add it all up and you get the astronomical figure of $258 billion. For a little context. Disney bought Lucasfilm and Star Wars for $4 billion. And at that Earlier this year, Microsoft bought Activision for $70 billion.
my box has 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 cash trading in Dogecoin since April 2019.
Musk was recently in the news on Twitter for his ongoing feud with a video game comedy website. And the funniest part of this feud is how badly Musk loses. Speaking of Twitter, the 50-year-old billionaire is trying to buy the social media site for a whopping $44 billion. He also has a really terrible elden ring to build.
