Yes, I could not resist. Even as some media places keep on attacking Elon Musk. I see a larger need to look behind me and even as the Media will not (it does not serve their purpose), I feel it is important to be fair to Elon Musk. The first item on the agenda is Keith Johnson, the person who is allegedly representing people in a class action. So whilst we take notice of ‘Keith Johnson v. Elon Musk et al: Class Action Complaint (‘Dogecoin fraud’)’ and we take notice of the list of defendants (Elon Musk, Space Exploration technologies Corp., Tesla Inc.) as well as the allegation ‘Fraud’, we need to take note of the attorney for Keith Johnson ‘Evan Spencer’. We start this rollercoaster.
In the first there is “Keith Johnson, a dogecoin investor, sued Musk in June, accusing him of intentionally driving up dogecoin’s price by more than 36,000 percent between 2019 and 2021 and then letting it crash, causing huge losses for retail investors while profiting tens of billions of dollars himself.” In December 2013 – December 2019 the value went from $0.04 to $0.2. After that the value in December 2020 rose to $0.47 (as the graph by Statista clearly shows), After that the Dogecoin took a massive rise (to the value of $30.63 in April 2021).
It started fluctuating then to $17.16 in December 2021. As such the value went up by 3600% (from $0.47 to $17.16) so what the hell is this Johnson crying like a baby about? And where does he get the tenfold difference from? The media is clearly not looking into this. Also, the value increased in that time by 3600%, not decrease by anything. Over the time until October 20th 2022 the value did decrease to $5.89, yet that is still a massive increase from $0.47, so where are these numbers coming from? My numbers come from Statista a reliable source for data. So then we get “Johnson is seeking a total of $258 billion in damages, representing three times the drop in dogecoin’s market value between May 2021 and the time the suit was filed.” Yes, that sounds nice, but lets take a look at a small detail. “Defendants were aware since 2019 that dogecoin had no value yet promoted dogecoin to profit from its trading”, yes profit through trading. This is where losers and pussy’s (like Johnson) lose their wealth, or whatever wealth they THOUGHT they had, because in no form did he had the cash to lose out to even $20 million dollars. Of course I could be wrong and he will have to show evidence of that. And then we get the ‘class’ action. Where is the list of defendants? I have not once seen any media look into that. Another Musk bash and a tool (Johnson) allegedly eagerly used for digital dollars.
In addition we also get “The amended suit added The Boring Company as a defendant”, so who is the Boring company, what is its value, who are their directors and members of the board? If it is TBC (if they are one and the same) that company has a revenue value below $5 million, so there is that damage of $258 billion coming from? The allegation is Fraud, what evidence is there that fraud was committed, where are the FTC reports. In addition, who is the certified cryptocurrency investigator in this matter? None of that information is shown, the media is merely enjoying the hype. It seems that they are not interested in news or the truth, merely interested in filtered information and digital dollars.
This is such a sad state of affairs it isn’t really funny at all and the media is every bit to blame. Oh and by the way, if this becomes a frivolous lawsuit will any actions be taken against Evan Spencer? #JustAsking