A class-action lawsuit has been filed by a Dogecoin investor against Tesla, SpaceX and their CEO Elon Musk, that might or might not come as a surprise to you!
Elon Musk, CEO of Tesla and SpaceX like giant companies and the world’s richest person at present, neither needs any introduction nor has he bound himself to the limits. Musk has been among those who do things as per their likings, outspoken for almost every other issue and perhaps among the most influential personalities around the world. The influence of Elon Musk is so huge that any action, even social media either a post or a tweet can bring chaos in the trading markets either stock or crypto market.
Elon Musk might be among rare personalities whose thoughts, tweets and posts need permission from the United States Securities and Exchange Commission itself. And when it comes to crypto, Elon Musk has shown his obsession for them on many instances and it’s not a hidden fact. Elon Musk has been seen to promote his so-called favorite cryptocurrency, popular meme coin Dogecoin. This promotion of Dogecoin by Elon Musk himself and accepting them as payment options for his Tesla and SpaceX like companies’ merchandise had made Dogecoin even to attain its all time highs.
But it seems like this would not be easy for Elon Musk from now on as a class-action lawsuit has been filed by a dogecoin investor. A US investor in Dogecoin, Kathie Johnson has filed the lawsuit against Elon Musk himself along with his companies Tesla and Spacex. The $258 billion lawsuit filed and alleged Elon Musk and his companies for illegal behavior towards Dogecoin’s price manipulation.
In his complaint, Kathie Johnson alleged that defendants Elon Musk and his companies Tesla and SpaceX have made false claims that dogecoin investment is legitimate while it turned out for him that it has no value. Johnson stated that since the time the defendants started purchasing, promoting, supporting, developing and operating Dogecoin in the year 2019, he has lost about $86 billion after making investment in the crypto pyramid scheme of Dogecoin.
Johnson alleged that Elon Musk and his corporations SpaceX and Tesla Inc. have their involvement in a ponzi scheme in the form of Dogecoin cryptocurrency. He argued that Dogecoin is a fraud where fools are deceived to buy the coin at high prices.
The lawsuit filed by Johnson against Musk and his companies seeks total damage of about $258 billion that is triple of the alleged losses he faced. Further it also demands to bar Elon Musk, Tesla and SpaceX from promoting Dogecoin and also declare the trading meme currency in the US as gambling.
Dogecoin price has seen a massive decline in its price where it is currently trading at $0.056 which is about 92% down from it’s all time high of $0.73.
Source: https://www.thecoinrepublic.com/2022/06/17/will-elon-musks-favorite-dogecoin-create-problems-for-tesla-and-spacex-given-filed-class-action-lawsuit/