Elon Musk Being Sued For 258 Billion Dollars Over Alleged Dogecoin Pyramid Scheme

64K · Jun 17, 2022

Someone has filed this suit accusing Musk of touting Dogecoins to drive the price up only to let it fall.

Illustration shows Elon Musk and representations of cryptocurrency Dogecoin

I have never seen an individual being sued for a quarter of a trillion dollars.

Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme

Elon Musk was sued for $258 billion on Thursday by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency.

www.reuters.com

hat · Jun 17, 2022

Good luck with that one.

Rithsom · Jun 17, 2022

Dogecoin might be a pyramid scheme, but suing $258 billion over it is ridiculous. Maybe they'd have a better chance at winning if they, you know, weren't so greedy?

64K · Jun 17, 2022

Rithsom said:
Dogecoin might be a pyramid scheme, but suing $258 billion over it is ridiculous. Maybe they'd have a better chance at winning if they, you know, weren't so greedy?

I doubt he will get anything like a 258 billion dollar settlement. He might get to recover his losses what ever that is.

I've known several very shrewd investors over the years and they all said the same thing. It's up to the investor to do their due diligence before investing.

Rithsom · Jun 17, 2022

64K said:
I doubt he will get anything like a 258 billion dollar settlement. He might get to recover his losses what ever that is.

I've known several very shrewd investors over the years and they all said the same thing. It's up to the investor to do their due diligence before investing.

Well said!

Dr. Dro · Jun 17, 2022

I'm only going to share my honest opinion: if you hedged all you have against an abstract digital token with no inherent worth, blindly following the opinion of a single individual that has more purchasing power than most countries on Earth and missed every red flag and signal until now, you deserve it!

mouacyk · Jun 17, 2022

Dr. Dro said:
I'm only going to share my honest opinion: if you hedged all you have against an abstract digital token with no inherent worth, blindly following the opinion of a single individual that has more purchasing power than most countries on Earth and missed every red flag and signal until now, you deserve it!

Don't need that many conditions even.

Fangio1951 · Jun 17, 2022

Welcome to the Dodgy (Doge) crypto scam :roll:

= can't wait to see them loose the shirts of their back !!

Outback Bronze · Jun 17, 2022

64K said:
only to let it fall.

How did he let it fall? By not buying more when even he was probably well aware it was going down lols.

dragontamer5788 · Jun 17, 2022

I'm fairly certain Elon Musk was pumping and dumping DOGEcoin around the time of his SNL-skit. I'm also pretty sure he should be punished over it.

But $258 Billion is... an absurd amount of money. I'm not sure if the plaintiff is sane here. I DO want to see Elon Musk punished for his pump-and-dump crap and manipulation of DOGEcoin. But I'm not sure if this particular case is the best way to do so...

the54thvoid · Jun 17, 2022

In fairness, Musk (due to his wealth and following) can, and has manipulated crypto markets. His primary use of Twitter is to self-market his companies. In the same way, why else Tweet about crypto but to affect its status, and therefore, value.

But, the flip side is, IMO, investing in crypto is akin to gambling. You can't actually do due diligence on digital currency when they have no regulation or effective safety mechanism.

In regulated markets, it's illegal to artificially manipulate stock value - that's designed to protect investment and the company. Crypto has no such protection. Buyer beware.

64K · Jun 17, 2022

Outback Bronze said:
How did he let it fall? By not buying more when even he was probably well aware it was going down lols.

It's what the plaintiff alleges. Two things are pretty common in investing. Pumping and Dumping and the other is making an investment seem too risky because they are shorting the stock or commodity. I guess the plaintiff is accusing Musk of driving the price up by touting it and then sold and stopped touting it.

the54thvoid said:
In fairness, Musk (due to his wealth and following) can, and has manipulated crypto markets. His primary use of Twitter is to self-market his companies. In the same way, why else Tweet about crypto but to affect its status, and therefore, value.

But, the flip side is, IMO, investing in crypto is akin to gambling. You can't actually do due diligence on digital currency when they have no regulation or effective safety mechanism.

In regulated markets, it's illegal to artificially manipulate stock value - that's designed to protect investment and the company. Crypto has no such protection. Buyer beware.

It is gambling just like investing in individual stocks or spending a lot of money on lottery tickets or in a casino. The thing to keep in mind is never gamble more money than you can afford to lose.

Outback Bronze · Jun 17, 2022

64K said:
Dumping

Gona be pretty hard to prove when just about every world market has dropped.

R0H1T · Jun 17, 2022

the54thvoid said:
In fairness, Musk (due to his wealth and following) can, and has manipulated crypto markets. His primary use of Twitter is to self-market his companies. In the same way, why else Tweet about crypto but to affect its status, and therefore, value.

But, the flip side is, IMO, investing in crypto is akin to gambling. You can't actually do due diligence on digital currency when they have no regulation or effective safety mechanism.

In regulated markets, it's illegal to artificially manipulate stock value - that's designed to protect investment and the company. Crypto has no such protection. Buyer beware.

Well he's done that with Twitter as well, so there's that!

dragontamer5788 said:
I'm also pretty sure he should be punished over it.

In other words he's quite likely to get away, like so many others before him :nutkick:

64K · Jun 17, 2022

R0H1T said:
In other words he's quite likely to get away, like so many others before him

He could tie it up in court for a long, long time until the plaintiff just gives up. He is the richest man in the world with a net worth of around 219 billion dollars.

looniam · Jun 17, 2022

to the moon!

yeah the hype was infectious but i guess some use their head for a hat rack.

Bones · Jun 17, 2022

dragontamer5788 said:
I'm fairly certain Elon Musk was pumping and dumping DOGEcoin around the time of his SNL-skit. I'm also pretty sure he should be punished over it.

But $258 Billion is... an absurd amount of money. I'm not sure if the plaintiff is sane here. I DO want to see Elon Musk punished for his pump-and-dump crap and manipulation of DOGEcoin. But I'm not sure if this particular case is the best way to do so...

You went from thinking to actual accusation of action here - Any REAL evidence/proof he was doing that?

I believe there is more to it that this because everyone knows CraptoCoin is a risk like the stock market with no guarantee of return of investment - Just like the stock market.
To me I honestly think (Mind you I think - Not know) this is something more political, trying to knock him down over "Certain" things of that nature (*cough-Twitter-cough*) and I'm leaving it at that.

R-T-B · Jun 17, 2022

Rithsom said:
Dogecoin might be a pyramid scheme

They aren't claiming that. They are claiming musks hype and pump and dump things he pulls on twitter is the pyramid scheme.

Basically, they are accusing him of "manipulating" crypto...

Which is pretty ironic.

Bones said:
Any REAL evidence/proof he was doing that?

His twitter feed. He absolutely is guilty of this, but crypto could've dumped anyways, so the amount is absurd.

docnorth · Jun 17, 2022

64K said:
....accusing Musk of touting Dogecoins to drive the price up only to let it fall.

Well, it's difficult to imagine that such a huge fortune can be made only with hard, honest work.

Vayra86 · Jun 17, 2022

Have versus have not.

Lmao

Keullo-e · Jun 17, 2022

258B? Damn, though anyone can sue anyone in America so we shall see how this turns up.

SpittinFax · Jun 17, 2022

Actual damages = $10,000
Hurt feelings = $257,999,990,000
GRAND TOTAL = $258,000,000,000

I think that the amount he's suing for is fair and reasonable. Good luck Keith, you suffered for this and deserve to win.

Bones · Jun 17, 2022

R-T-B said:
They aren't claiming that. They are claiming musks hype and pump and dump things he pulls on twitter is the pyramid scheme.

Basically, they are accusing him of "manipulating" crypto...

Which is pretty ironic.

His twitter feed. He absolutely is guilty of this, but crypto could've dumped anyways, so the amount is absurd.

Even if he did, singling him out for what the vast majority involved with crapto was doing all along themselves isn't right.
I can promise you, chances are the person filing the suit is just as guilty of the same, only on a smaller scale.
Speaking of "Dumping", that's the lynchpin, here - It could have dumped at anytime anyway - Just like the stockmarket could.

Vya Domus · Jun 17, 2022

dragontamer5788 said:
I'm fairly certain Elon Musk was pumping and dumping DOGEcoin around the time of his SNL-skit. I'm also pretty sure he should be punished over it.

Nah, there is no way he'd actually be involved in anything like that, he would have been sniffed out immediately if he actually did that or had someone do it for him.

What he should have be punished of is the whole BTC environmental thing after he announced that Tesla officially bought billions in BTC, that's an actual conflict of interest.

ThrashZone · Jun 17, 2022

Hi,
Think the feds have already fined Musk for his twitter activity
Don't believe they fined him this much though dream a little dream you won't get it if you don't ask :laugh:

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Elon Musk Being Sued For 258 Billion Dollars Over Alleged Dogecoin Pyramid Scheme

64K

Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme

hat

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