The $258 Billion Dogecoin Lawsuit Against Elon Musk: Dissecting The Plaintiff’s Arguments (Op-Ed)
If some angry investors had it their way, the world’s most successful tech startup founder and CEO would meanwhile lose his fortune. The cohort of people bringing “Johnson v Musk et al” in U.S. federal court, Southern District of New York, are suing him for $258 billion.
Elon Musk’s attorneys wrote in a memo to the court:
“The Complaint is a fanciful work of fiction that fails to state any actionable claim against Defendants Elon Musk and Tesla and must be dismissed in its entirety with prejudice.”
Here are the reasons why this lawsuit is frivolous.
Elon Musk Dogecoin Lawsuit
The litigants think they should be rewarded by U.S. courts for making unprofitable speculative investments. Furthermore, they want this colossal sum to be taken from the most profitable risk-taking business magnate in history.
The litigants feel entitled to squeeze Elon Musk because he supports the technology they hurt themselves on with poor investing decisions. It’s as if, from their point of view, Mr. Musk himself reached through the phone screen. It’s not like Musk twisted their arm to make them buy Dogecoin at the top of a multi-year market cycle.
In his characteristically defiant and cheeky way, Mr. Musk ordered the Twitter logo reset to the famous Doge meme graphic Monday. Dogecoin price exploded 25% in a day over the incredibly lucrative placement.
The case against Elon Musk and Dogecoin is a loosely cobbled-together monstrosity. Moreover, it’s built wholly out of flimsy pretenses and false statements. For example, the suit claims Dogecoin is wire fraud.
No representation is made by Dogecoin that is false or fraudulent. Users get private keys, and their keys go with their Dogecoin. The value of DOGE is determined by participants in a fair and transparent market. The price collapse of DOGE after the last bull run was market economics, not a fraud.
