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Elon Musk, Tesla Inc., SpaceX (Dogecoin)

Class Action
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Investigation
06/16/2022
Initial Lawsuit
06/16/2022
Lawsuit Progression
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Investigation

Did Elon Musk and his entities, along with numerous influencers, engage in the massive price manipulation of Dogecoin, ultimately resulting in billions of dollars in losses for other investors?

This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.

A lawsuit was subsequently filed. We will update this post as it unfolds.

  • Investigation Date
    06/16/2022
  • Hypothetical Transgression
    Price Manipulation

Initial Lawsuit

First Complaint - 06/16/2022

A Dogecoin purchaser filed a class action on behalf of “all individuals or entities who have lost money buying, selling, and/or trading, Dogecoin, since at least April 2019.”

  • Filing Date
    06/16/2022
  • Transgression
    Civil Rico (Wire Fraud, Gambling), Common Law Fraud, Negligence, False Advertising, Deceptive Practices, Products Liability (Failure to Warn) & Unjust Enrichment
  • Filing Firms
    Evan Spencer Law PLLC
  • Case Title
    Johnson v. Musk et al.
  • Docket Number
    1:22-cv-05037
  • Court
    New York Southern District Court
  • Free File
    Complaint

Allegations

The lawsuit alleges that Dogecoin is a “pyramid scheme” because: (a) it has no intrinsic value, (b) it has no productive asset, (c) it has no underlying value, (d) the number of coins is unlimited, (e) the value of Dogecoin is solely derived from the hope that the price will indefinitely increase under the “greater fool theory” and (f) the history of trading proves that the price is directly controlled and manipulated by the defendants Elon Musk, Space Exploration Technologies Corp doing business as SpaceX and Tesla, Inc.

The complaint also alleges that, by purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Elon Musk and his corporations (Tesla, SpaceX) have caused the class to lose approximately $86 billion in a crypto pyramid scheme.

Plaintiff claims that Musk and his team started talking to Dogecoin developers in 2019 and has since then, gathered the support of celebrities, influencers, and billionaire investors along with thousand of TikTok, Twitter, Facebook and Instagram followers, owners and supporters of Dogecoin to boast the price, trading volume and market capitalization. The complaint then provides a long list of Elon Musk tweets to boast Dogecoin, along with their alleged impact on the price.

Famous “supporters” listed include Mark Cuban, Snoop Dogg, Kevin Jonas, Guy Fieri, Lil’ Yachty, Vicky-Lee Valentino, Angela White and Gene Simmons.

Plaintiff seeks accounting, monetary damages, punitive damages and equitable relief, including $172 billion in punitive damages.

Defendants

  • Chief Executive Officer
    Elon Musk
  • Company
    Space Exploration Technologies Corp dba SpaceX
  • Company
    Tesla, Inc.

Lawsuit progression

This case is still in the Initial Lawsuit state.

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Factual Timeline

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