Plaintiff accuses Tesla CEO of manipulating cryptocurrency for ‘profit, exposure and amusement’.
Published On 17 Jun 2022
Elon Musk was sued for $258bn on Thursday by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency.
In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price, only to then let the price tumble.
“Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading,” the complaint said. “Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement.”
The complaint also aggregates comments from Warren Buffett, Bill Gates and others questioning the value of cryptocurrency.
Tesla, SpaceX, and a lawyer for Musk did not immediately respond to requests for comment.
A lawyer for Johnson did not immediately respond to requests for comment on what specific evidence his client has or expects to have that proves Dogecoin is worthless and the defendants ran a pyramid scheme.
Johnson is seeking damages worth triple the $86bn decline in Dogecoin’s market value since May 2021.
He also wants to block Musk and his companies from promoting Dogecoin and a judge to declare that trading Dogecoin is gambling under federal and New York law.
The complaint said Dogecoin’s selloff began around the time Musk hosted the NBC show “Saturday Night Live and, playing a fictitious financial expert on a Weekend Update segment, called Dogecoin “a hustle”.
Tesla in February 2021 said it had bought $1.5bn of Bitcoin and for a short time accepted it as payment for vehicles.
Dogecoin traded at about 5.8 cents on Thursday, down from its May 2021 peak of about 74 cents.
Gerrit Cole’s strong outing wasted in Yankees’ no-no loss
This wasn’t what Gerrit Cole had in mind earlier in the week when he laughed at how being on the mound for a no-hitter has eluded him.
Cole spun a gem of a start Saturday, but wound up on the losing end because he shared the rubber with three Astros pitchers who combined on a no-hitter in a 3-0 victory over the Yankees. In a reminder of how cruel baseball can be, Cole twice took no-hitters into the middle of the game or beyond this week and wound up with a no-decision and a loss on his record (6-2).
“The cold hard truth is we got outpitched and outplayed,” Cole said. “Credit to the opponent. Magical day for them.”
Cole lost a no-hitter in the eighth inning Monday against the Rays, but the Yankees still won, which created a light moment when he joked he has never completed the job despite building a résumé with four All-Star selections and an ERA title. There was no such luck or levity Saturday when he would needed perfection — or better — to outduel Astros starter Cristian Javier and two relievers.
Instead, Cole settled for striking out eight and scattering four hits over seven innings.
“Gerrit’s just going to keep doing that,” catcher Jose Trevino said. “That’s good for us in the long run.”
Cole walked two, but did not allow a hit until back-to-back, two-out singles by Jake Meyers and Martin Maldonado in the fifth inning. He survived that jam unharmed, but his 101st pitch was his big mistake in the seventh inning of a scoreless game.
J.J. Matijevic turned on a low-inside fastball and deposited it into the right-field seats for a homer as his reward for showing patience laying off a first pitch in the dirt. The rookie first baseman’s only two career hits have been solo home runs.
“I tried to make an adjustment and I obviously overcorrected and threw the pitch into an area that he was anticipating or he wasn’t going to be late on,” Cole said. “Not the side of the plate that we were trying to go to. It was honestly just a bad miss, but I don’t want to take any credit away from the guy who put a good swing on it.”
The solace is that Cole is pitching like an ace. He has allowed one run or fewer in five of his last six starts. Matijevic’s home run snapped Cole’s 21-inning scoreless streak at home.
“Right away he was getting swing-and miss-with his heater, which was big while he was finding it those first two innings,” manager Aaron Boone said. “I thought his stuff was really good. Once he settled in, he was terrific.”
4 wounded, including 8-year-old, in Brooklyn scooter shooting
Four people were wounded — including an 8-year-old boy — in a scooter shooting in Brooklyn on Saturday night, police said.
Two men riding on a scooter pulled up around 11:30 p.m. to a large gathering of people in front of the Stuyvesant Gardens Houses on Quincy Street in Bedford-Stuyvesant and opened fire into the crowd, cops said.
An 8-year-old boy received a graze wound in the leg. A 27-year-old male, a 35-year-old female and a 46-year-old female were also each shot in the legs.
All four victims were transported to Kings County Hospital with non-life-threatening injuries, police said.
The suspects fled on a green and white scooter in an unknown direction, according to police and sources.
Six shell casings and two live rounds were recovered at the scene, sources said.
No arrests have been made at this time as police continued to canvas the area early Sunday morning.
Man arrested for attempted murder of LAPD officers amid Roe v. Wade protests
A man was charged with attempted murder of Los Angeles police officers Friday night amid protests of the Roe v. Wade reversal, cops said.
A woman was also charged with resisting police after four officers were injured following a barrage of projectiles, fireworks and a makeshift blow torch, according to officials.
The mayhem unfolded around 8:20 p.m. in Downtown Los Angeles, the LAPD said.
Michael Ortiz, 30, is accused of throwing a makeshift flame thrower at an officer, who was treated for burns, according to a Saturday press release.
Juliana Bernado, 23, allegedly attempted to steal an officer’s baton. A “less-lethal” bullet was fired at her, and she was taken into custody, police said.
“I condemn the violence against officers that occurred last night and into today,” Chief Michel Moore said.
“Individuals participating in such criminal activity are not exercising their 1st Amendment rights in protest of the Supreme Court decision, rather, they are acting as criminals.
The Department will vigorously pursue prosecution of these individuals.”
Large scale protests in other cities large and small around the country were mostly peaceful.
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