There is a literary theory called formalism which is pretty boring but has a practical message. One should take everything at face value instead of acknowledging endless extrinsic benefactors. Now, taking Elon’s clownery on Twitter at face value, he was undoubtedly promoting a Dogecoin pyramid scheme. But guess what, nobody can prove it just like nobody can prove Epstein didn’t kill himself. Today, the world of finance is taking a serious beating from social media due to well-coordinated pumps and dumps. And Elon, standing on top of the world, is running his own Dogecoin pyramid scheme to compensate for all of his far-fetched projects. After all, someone has to raise trillions of dollars to send humans to mars where extreme solar radiation will give you cancer. However, one investor has sued Elon and his companies for a lot of money and all we can say to him is Godspeed!
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Dogecoin Pyramid Scheme
Ha ha it’s so funny, Elon posted a meme on Twitter. Welp, Keith Johnson doesn’t think so. Mr. Johnson has bravely sued the meme mongering clown billionaire and his companies for a fair $258 billion. Basically, he is claiming that they promoted a Dogecoin pyramid scheme with their support for DOGE.
According to court documents, Keith Johnson argues that Dogecoin is “simply a fraud whereby greater fools are deceived into buying a coin at a higher price. The documents are currently held with the US district court in southern district of New York.
Johnson is calling for the court to clarify the case as a class-action lawsuit. With that, he is asking for $86 billion in damages for the class, as well as $172 billion for treble damages.
Initially, Keith Johnson argues that Elon and his companies utilized “unethical, torturous and criminal conduct in promoting Dogecoin. Hence, billions of investors lost billions of dollars into the Dogecoin pyramid scheme. As for the numbers, Johnson states that musk made $86 billion “as a result of their wire fraud, gambling enterprise, false advertising, deceptive practices, and other unlawful conduct.”
Too Vague, and Silly!
Billionaire Elon Musk is seeking to have the multi-billion-dollar lawsuit against him dismissed, which alleges he illegally promoted Dogecoin pyramid scheme. The lawsuit, which was filed by a group of investors, accuses Musk of perpetrating a scandal.
Attorneys representing the Tesla CEO are arguing that the lawsuit is baseless, and Musk’s statements about Dogecoin were too vague and silly to be considered actual endorsements of the cryptocurrency. Additionally, the lawyers contend that DOGE is a legitimate cryptocurrency with a market cap of around $10 billion.
Musk’s legal team stated, “There is nothing unlawful about tweeting words of support for or funny pictures about a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion. This court should dismiss the complaint and put a stop to plaintiffs’ fantasy.” this statement matters a lot. Because apparently the court is dealing with a bunch of 12 year olds in this lawsuit!
The lawsuit filed by investors claims that Musk purposely drove the price of Dogecoin up by 36,000% over a two-year period before letting it crash. The suit also alleges that Dogecoin was a security, and Musk knew that it had no intrinsic value.
In addition, the Dogecoin Foundation is another defendant in the lawsuit and is also seeking to have it dismissed.
Elongate
Elon may be the richest man on earth, but, almost all of his wealth is tied up in stocks for his companies. And, ding ding ding, all his stocks are holding the biggest bubbles in history. Don’t believe it? Then why would Bill gates hold a $2-billion-dollar short position on Tesla? Despite Elon’s wealth, his companies are constantly desperate for cash flow because bubbles take lots of money to continue.
Previously, Elon has stated that he holds Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE). To make it more interesting, he had previously said that the US lawmakers should “do nothing” about crypto.
As to why he loves DOGE, he had said that it is the “people’s crypto”. You would think that in this day and age, communist style of deception would not work but you would be wrong. Today, everything is “people’s thing” everyone is doing it for “the people” just like the gulags were for the “people”.
In the world of insane maximalists and mislead retail investors, Elon’s Dogecoin pyramid scheme was an unfair one. While the current bear market is purging market from all the crazy NFT money and stimulus checks, Elon will continue to take from “the people”.
