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Johnson v. Musk, Case No. 22-cv-05037, SDNY (Manhattan).

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New Suit – Class Action

Elon Musk, SpaceX and Tesla were hit with a class action Thursday in New York Southern District Court in connection with Musk’s tweets over ‘meme’ cryptocurrency Dogecoin. The complaint, filed by Evan Spencer Law, accuses defendants of engaging in a cryptocurrency pyramid scheme by manipulating the price on behalf of themselves, family members and friends by endorsing the coin on social media and garnering the support of other celebrities to boast the price, market cap and trading volume of the coin. The suit further pursues civil RICO, fraud, negligence, false advertising, deceptive practices, products liability and unjust enrichment claims. Counsel have not yet appeared for the defendants. The case is 1:22-cv-05037, Johnson v. Musk et al.

Tesla

a day ago

https://www.law.com/radar/card/johnson-v-musk-et-al-44928222-0/

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BREAKING: @elonmusk sued for $258 BILLION over alleged $DOGE 'Pyramid Scheme'

— BNN Newsroom (@BNNBreaking) June 16, 2022

"Defendants falsely and deceptively claim $DOGE is a legal investment when it has no value," according to Johnson's complaint.

Johnson wishes to represent $DOGE traders who have experienced losses since April of this year.

— BNN Newsroom (@BNNBreaking) June 16, 2022

Musk or SpaceX, Tesla, and Tesla's lawyer did not respond to press inquiries about the lawsuit right away. $DOGE is down 70% this year and is currently trading at $0.05818. It peaked at 74 cents last year before plummeting.

— BNN Newsroom (@BNNBreaking) June 16, 2022

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