Dogecoin: news on Elon Musk’s class action

The class action lawsuit for Elon Musk to the detriment of the Dogecoin Foundation was recently updated after plaintiffs filed their second amended complaint yesterday. In fact, a court conference is now scheduled. 

The Dogecoin Foundation is a Colorado corporation that has created and operated Dogecoin in partnership with Elon Musk since 2018. It will also be recalled that the crypto Dogecoin has become prestigious precisely since Musk, the Tesla genius and now Twitter owner, demonstrated his support for it. 

The second complaint against Elon Musk in the Dogecoin case

After six months of additional guarantees and RICO violations by Elon Musk, the plaintiffs filed their second amended complaint on Monday, 12 December, with the court‘s permission. 

Specifically, this includes all of Mr. Musk’s conduct since the original complaint was filed on June 16, 2022, and additional stock manipulation after the amended complaint was filed on 6 September 2022.

The SEC, Securities and Exchange Commission, announced on 8 September 2022 that almost all cryptocurrencies are actually securities regulated by securities laws, which required pleading amendments. The court then scheduled a conference for 20 January 2023 and the defendants hired a lawyer.

In addition, Musk’s accusers announced that a new plaintiff, after responding to their SEC statutory notice, was added because he had lost $150,000 trading Dogecoin. In addition, four other plaintiffs have been removed so that there are only five total class representatives.

The suit also states that many class members lost money in the $60,000-$75,000 range and there are about two million class members who collectively lost billions of dollars. Plaintiffs have identified at least one of Musk’s Dogecoin wallets that coincides with his pumping and dumping of Dogecoin. 

A multibillion-dollar criminal enterprise: plaintiffs’ words on Musk 

The plaintiffs, on the subject of Elon Musk and the Dogecoin Foundation, were not mincing their words in expressing their opinions, claiming:  

“Together, Musk, the Dogecoin Foundation and Tesla are engaged in a multibillion-dollar criminal enterprise that has defrauded millions of people, including our five plaintiffs and the Dogecoin-owning class out of billions of dollars. Three independent experts say Musk is responsible for manipulating Dogecoin and the plaintiffs have retained an expert, Stan Smith, to prove how and why Dogecoin is nothing more than a pyramid/ponzi scheme.”

Moreover, still following what the plaintiffs claim, while Musk increased the price by 36,000% from 2019 to 2021 (from $0.002 to $0.73), thereafter the price dropped by 90% (from $0.73 to $0.05) and has only risen to $0.08-$0.10 recently due to Musk’s purchase of Twitter and further illegal pumping of Dogecoin. 

Finally, they invite anyone who has lost money exchanging Dogecoin or holds Dogecoin at a loss to join the class action lawsuit for free, along with anyone who has paid Dogecoin exchange fees, mining fees, or spread fees since 16 June 2016. 

This is not the first time for Musk: all the complaints and allegations after the Twitter acquisition 

The charges against Musk over the Dogecoin Foundation case, is unfortunately not the first for the Tesla entrepreneur. Indeed, it only adds to a collection that Musk has nurtured since becoming the new CEO of Twitter only a few months ago.

In fact, since he acquired Twitter, Elon Musk has not stopped being the center of media attention. After controversy over polls such as the one on Trump, paid blue ticks, and mass layoffs, now authorities in San Francisco are investigating the fact that some rooms at the company’s headquarters appear to have been turned into dormitories without any permission. 

Hence, beds and curtains that, in the complaint of some employees would seem to respond to the demand for the high-intensity work the tycoon has been talking about for his Twitter 2.0, have once again attracted the attention of authorities.

So, according to some sources, it would appear, citing some employees, that beds, in some cases up to eight, and curtains have been put up in several offices that seem to respond to the demand for “hard, high-intensity work” that Elon Musk needs. 

Some employees, in particular, have complained to authorities about the changes that have taken place without any request to use part of the building for residential use. The San Francisco Department of Building Inspection does, in fact, intend to inspect Twitter’s headquarters after the complaints.

Musk and the changes to Twitter: 1.5 billion profiles set to be deleted 

As anticipated, Elon Musk has brought quite a few changes since he became the CEO of Twitter and, in most cases, these have not been in any way welcome by employees in the first place.

Now, another of the latest changes the Tesla genius wants to bring to Twitter is the removal of 1.5 billion profiles from the platform. Recently Elon Musk announced via a post the following: 

“Twitter will soon start clearing the space occupied by 1.5 billion profiles. These are obvious account deletions that have been untweeted and logged in for years.”

Meanwhile, at headquarters, robots are expected which will lead to mass layoffs, resulting in Musk being sued by employees aggrieved by the measure. The latter claim that Musk’s mass layoffs triggered multiple violations of workers’ rights.

This is further compounded by the complaint of two cleaning workers at Twitter’s San Francisco headquarters, who told the BBC that they were fired without receiving any benefits. 

The workers added that their jobs will be replaced by robots. A California senator commented that Musk is treating former staff “like garbage.” And San Francisco City Attorney David Chiu announced an investigation into whether the billionaire has violated the law.

It doesn’t end there, because additional sources report how, under Musk’s leadership, life for Twitter employees has radically changed. Whereas before they could work anywhere, now they are forced to their desks in an effort to show that dedication to Twitter 2.0 that Musk not only demands, but expects in order for them to keep their jobs.