[ via GlobalCryptoPress.com ] With crypto going mainstream came a flood of people of all varieties, which unfortunately includes an array of idiots and crooks... we're not yet sure one describes Keith Johnson, the man suing Elon Musk after buying Dogecoin' at the top'.
First let's ignore that EVERY market is suffering right now - Amazon is down over 30% in the last 6 months, but 6 months ago it was often still a recommended 'buy' according to financial experts with credentials much more relevant to investing than Elon's.
Ask yourself - how much research into crypto would someone need to do before they learned it could be a 'risky' investment and highly volatile? I'd bet within the first 5 minutes of reading into the topic.
We have reached out to Law firm representing Mr. Johnson in this lawsuit, and asked them or their client to comment on the following factors:
The complaint establishes the odd timeline themselves by writing in the complaint that "Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading". Specifically April 2019 is when Elon first mentioned Dogecoin on Twitter.
The problem is - Dogecoin was worth $0.002 when Elon first Tweeted about it April 2019, and an entire year later by April 2020 it had only gained a little over 25% - so it was still very inexpensive at just $0.0026.
So lets go with the idea that your client truly believes in following Elon Musk, or rich people in general. But does he really? Because he could have waited nearly 2 years to buy dogecoin, and get it for just 1 cent at the beginning of 2021.
In other words, you could have first learned of Dogecoin from Elon in 2019, then spend the next 19 months seeing him occasionally mention it, and finally after 20 months of deliberating - decide to buy some Dogecoin... and you would HAVE A 500% RETURN ON INVESTMENT (1 cent on Jan 1st 2021 to 5 cents today).
Even those who waited a full year after Elon began mentioning it would have $28,000 for every $1000 invested (from 0.002 to 0.0587 at the time of writing this)
Also, we know of no transaction on the publicly available blockchain that stands out as a billionaire ditching their coins, all at once or over time. But that doesn't mean it would be impossible to do 'under the radar' either. So for the sake of argument let's say Elon can prove he bought Dogecoin but never sold any. That would mean you're attempting to sue the first ever pyramid scheme mastermind who forgot the main part of the scam - to profit.
However it's very possible he hasn't sold any, keeping in mind that Elon is likely among those who got in at 0.002 and is still well into the profit zone on this investment today. But your lawsuit describes a malicious manipulative person who certainly would have been selling at the top and all the way down.
There's a good chance he didn't - what would your case be then?