Elon Musk accused of manipulating dogecoin, 258 billion claimed

Keith Johnson accuses Elon Musk of giving “legitimacy” to this currency considered a “shitcoin”, a worthless asset. MIKE BLAKE/REUTERS

The boss of Tesla is the subject of a complaint from the American Keith Johnson.

Did Elon Musk manipulate the price of dogecoin, a parody cryptocurrency, through his tweets? This is the question that will have to be decided by a court in Manhattan. The boss of Tesla is the subject of a complaint from the American Keith Johnson. He accuses her of having given “legitimacy” to this currency considered a “shitcoin”, a worthless asset. The complainant compares the situation to a “Ponzi scheme”, a scam where funds from new entrants enrich the first comers. Moreover, he believes that a tweet from “The Dogefather”, or “the godfather of dogecoin”, increases the price of the currency and is therefore akin to an instrumentalization of the market.

If Keith Johnson does not quantify his personal loss, he estimates that because of Musk the total losses of investors are around 86 billion dollars

Keith Johnson is one of the victims of the fall in the price of this currency, which today is worth only 5 cents, ten times less than at its peak, in May 2021. If he does not quantify his personal loss, he estimates that because of Musk the total losses of investors are around 86 billion dollars. He therefore claims reimbursement from the entrepreneur and his company Tesla for this sum, plus double in damages, i.e. 258 billion in total. This amount is colossal in more ways than one. The total capitalization of dogecoin has never exceeded 88 billion. It is now 7 billion, which still makes it one of the ten largest cryptocurrencies. Moreover, the amount demanded of the richest man in the world exceeds the amount of his fortune, which is considerable: 215 billion dollars!

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