A proposed class action lawsuit charges Elon Musk, his businesses SpaceX and Tesla, and their participation with the cryptocurrency Dogecoin, of running a pyramid scheme. So, how do we join the Dogecoin class action lawsuit?
Simply put, the lawsuit alleges that Musk, SpaceX, and Tesla misrepresented Dogecoin as a reliable investment when it actually had no value at all and exploited Musk's status as one of the world's richest people to manipulate the commodity for "profit, exposure, and entertainment."
Money, stock, or security are not what Dogecoin is. It has no backing in the form of gold, another precious metal, or anything else. It cannot be grown, consumed, or worn. Dogecoin does not provide a profit. It doesn't give dividends or pay interest. When compared to other cryptocurrencies, it offers no special utility. It is not a component of the metaverse or a new internet. Nothing of value is the foundation of it.
The bigger fool hypothesis, which holds that money can always be gained from an overvalued asset as long as someone else—a "greater fool"—is ready to pay a higher price for it, is said to be the primary source of Dogecoin's total worth, according to the lawsuit.
The petition asserts that because the U.S. Securities and Exchange Commission (SEC) does not oversee cryptocurrencies, Musk has been free to manipulate cryptocurrency prices on Twitter without repercussions.
How to Join the Dogecoin Class Action Lawsuit?
All parties that have lost money buying, selling, or trading Dogecoin since at least April 2019 are intended to be represented by the lawsuit.
There is typically nothing you need to do to "join" a class action when it is first filed. The only time a consumer or investor could need to take action is if and when a case settles (this is not a certainty!). Usually, this entails completing and sending in a claim form via mail or online.
In the event of a settlement, if you are "included" in a case like the one described above, you might get a notice by mail and/or email. This notice will likely include specifics on things like how, where, and by when to file a claim, your legal rights, any supporting documentation you may be required to provide, and additional information for "class members."
Another thing to bear in mind is that it usually takes some time for proposed class action lawsuits to progress through the court system and reach a settlement, dismissal, or arbitration decision.
