The jokes ofElon Musk don’t make everyone laugh. Especially when it comes to money. The richest man in the world is being chased by keith johnsonan American who accuses him of manipulating the price of a cryptocurrency by giving it bad publicity.
The cryptocurrency in question is dogecoin. This may mean nothing to you, and for good reason. Created in 2013, it experienced renewed interest in 2019 thanks to the promotion of Elon Musk, seduced by its parodic dimension: dogecoin is a satire of bitcoin.
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The joke sparked the interest of investors, Keith Johnson in the lead. He estimates that since 2019, people who invested money lost around $86 billion. The fault, according to him, to the sarcastic statements of Elon Musk. From one day to the next, the billionaire presents cryptocurrency as “the people’s money”, or as a “scam”.
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Inevitably, the price of dogecoin suffers. “Musk used his status as the richest man in the world to exploit and manipulate the system […] dogecoin for profit, exposure and amusement”, summarizes Keith Johnson.
The American has also filed a complaint against Tesla and Space X, the automotive and space giants of which Elon Musk is director. Tesla reportedly accepted dogecoin payments for certain products, and Space X chose to name one of its satellites after the cryptocurrency.
In total, Keith Johnson is claiming $258 billion in reimbursement and damages. The investor hopes that his complaint will be reclassified as a class action for all unlucky bettors.