Johnson V. Musk Et Al
This legal case involves allegations against Elon Musk and his brother Kimbal Musk for allegedly manipulating the price of Dogecoin through their social media posts, which resulted in significant financial losses for investors. The plaintiff argues that Dogecoin is a pyramid scheme with no intrinsic value, and its value is solely derived from the hope that the price will rise indefinitely. The lawsuit invokes jurisdiction under Civil RICO and the Class Action Fairness Act, as well as New York State law, and seeks damages for the losses incurred due to the alleged manipulation of Dogecoin's price. The plaintiffs are seeking class action status and monetary damages in excess of $5 million, including $86 billion in compensatory damages and $172 billion in treble damages.
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