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Elon Fights the System
THIS Is Why The Campaign Against Elon Is a Sign He's Winning
Elon Musk has taken heat from all angles this year.
In the past few months, he has faced an alarming barrage of investigations, lawsuits, and negative media coverage.
If you can believe it, there’s even a Dogecoin lawsuit aimed at slowing down his support for crypto.
Let’s take a look at how Elon’s adversaries are waging lawfare against him, and why their attacks are a sign that he’s winning.
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Are you hearing a lot about Elon Musk lately?
My 𝕏 subscribers and I are reading Walter Isaacson's new biography.
Last week, the SEC announced it was suing Elon Musk.
The financial regulator has opened an investigation into Elon’s purchase of Twitter, suggesting that he may have violated securities laws.
After the news broke, Elon predicted the agency would face a reckoning.
Elon’s battle with the SEC goes back at least to 2018, when the agency sued him for a tweet saying he was going to take Tesla private.
After the SEC tried to muzzle his use of social media, Elon famously told 60 Minutes, “I do not respect the SEC.” In a ribald tweet, he wrote, “SEC, three letter acronym, middle word is Elon’s”.
The SEC isn’t the only agency giving Elon a hard time.
This year, he has faced an alarming barrage of investigations, lawsuits, and negative media coverage.
Most if not all of the attacks are frivolous—for example, the government’s case against him for not hiring more refugees at SpaceX.
If you can believe it, Elon is even facing a lawsuit relating to Dogecoin.
The suit seeks a whopping $258 billion in damages for misleading four Dogecoin investors, who accuse him of running a crypto pyramid scheme.
The original complaint was filed in June 2022. In August of this year, Elon’s attorneys asked for the case to be dismissed, calling it “a fanciful work of fiction that fails to state any actionable claim against Defendants Elon Musk and Tesla.”
They later added, “there is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”
The suit was amended and refiled in September. At the core of the complaint is the claim that Dogecoin will never succeed as a currency: “technological impediments make the scaling of Dogecoin into a currency highly unlikely if not impossible.”
In response to the suit, Elon’s lawyers have filed to sanction the plaintiff’s lawyer, accusing him of advancing the suit even though he knew its claims were false.
So far, Elon hasn’t faced any action from the SEC for his support from Dogecoin, even as the agency has waged war on crypto .
Any such legal action by the SEC against Elon/Doge would produce the mother of all Streisand Effects. In 2021, Elon mused that an SEC investigation into his Dogecoin memes “would be awesome.”
For its own part, the SEC continues to harass other crypto businesses.
In its recent lawsuit against Coinbase, it claimed crypto has no inherent value, drawing the ire of Dogecoin creator Billy Markus.
In the bigger picture, all of these legal actions are a sign that the establishment sees Elon as a threat. If he wasn’t winning on multiple fronts, they wouldn’t bother to attack him.
What do you think: Is there a coordinated agenda against Elon?
Where does it come from, and will Elon’s enemies continue to use Dogecoin as a vector of attack?
And what will happen after the suits end?
Dogey Treats: News Bites
International Doge Day is November 2nd.
Samuel Reid and GEC, the team behind DOGE-1, is helping to implement a replacement for the Doge-Eth bridge.
Memes of the Week
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Disclaimer: This is not financial advice and I am not a financial advisor. The article above references an opinion for entertainment purposes only and it is not investment advice. Always assume that the author of the article is actively trading and that the opinions expressed may be biased towards the author’s holdings. Do your own research and consult with a licensed financial adviser before making any investment decision. Do not treat any opinion expressed in this newsletter as a specific inducement to make a particular investment. Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or cryptocurrency or to engage in any particular investment strategy. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not guarantees of future results. All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, cryptocurrency, or financial product does not guarantee future results or returns. Dogecoin is a speculative and highly volatile asset susceptible to pump-and-dump schemes.
At the time of publication, Dogecoin is around $0.06 per coin.