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Elon Musk and Twitter
The lawsuit was brought by an investor in Dogecoin named Keith Johnson in a federal court in Manhattan last summer, accusing Musk of extortion through promoting Dogecoin and raising its price before allowing it to subsequently drop. Johnson alleged that the defendants had known since 2019 that Dogecoin had no value, and yet they promoted it to profit from its trading. He also pointed out that the CEO of Twitter used his position as one of the richest people in the world to manage Dogecoin and speculate on it in an illegal pyramid scheme to make profits and have fun.
Lawsuit against Elon Musk over Dogecoin promotion reaches $258 billion
Johnson requested compensation of $86 billion, which is the amount of the cryptocurrency's market value decrease since May 2021. This amount was then tripled to become $258 billion. Meanwhile, Elon Musk's legal team requested that the court dismiss the lawsuit, denying the charges against him. They stated that his tweets about the currency were just jokes and that there was nothing illegal in the tweet with supportive words or funny pictures about a legitimate cryptocurrency that still retains a market capitalization of around $10 billion.
The power and influence of social media: Lessons from the Elon Musk
Dogecoin was founded in 2013 and is a type of cryptocurrency that was initially created as a joke. It is a decentralized, peer-to-peer digital currency that enables users to send money online. Despite its origins as a joke, Dogecoin has gained popularity in recent years and has even been used to support various charitable causes.
Elon Musk has been a vocal supporter of Dogecoin, frequently tweeting about the cryptocurrency and even calling himself the "Dogefather." He has also made several appearances on various talk shows, where he has spoken about the potential of Dogecoin and the cryptocurrency market as a whole.
However, this is not the first time that Elon Musk has been involved in controversy related to his tweets. In 2018, he was sued by the Securities and Exchange Commission (SEC) for tweeting that he had secured funding to take Tesla private. The SEC alleged that Musk’s tweet was misleading and constituted securities fraud. Musk settled with the SEC and agreed to step down as chairman of Tesla's board of directors for three years.
Dogecoin: From Joke to Serious Investment,
This latest controversy is yet another reminder of the power and influence that social media platforms like Twitter can have. With over 200 million active users, Twitter has become a platform where people can share their thoughts, ideas, and opinions with the world. However, it is also a platform where misinformation and misleading information can spread quickly, leading to real-world consequences.
In conclusion, the change in the Twitter logo by Elon Musk to a "dog" image symbolizing Dogecoin has brought attention to a lawsuit faced by him accusing him of conducting a fraudulent operation to promote the cryptocurrency. While the allegations against Musk are serious, his legal team has denied the charges and stated that his tweets about the currency were just jokes. This controversy once again highlights the power of social media platforms like Twitter and the need for responsible use of these platforms.
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