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.
Automotive
June 16, 2022, 8:20 AM