According to a recent biography, Elon Musk explored the idea of creating a blockchain-based social media platform and had a significant interest in the cryptocurrency Dogecoin. The book also mentions a past endeavor by Sam Bankman-Fried to assist Musk in acquiring Twitter, which ultimately proved unsuccessful. The biography is set to be released later this month. Musk backed Dogecoin, considered blockchain social media.
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How Involved Was Musk With Dogecoin?
According to leaked pages from an upcoming biography, it has been revealed that billionaire Elon Musk was heavily involved in the development of Dogecoin, a cryptocurrency that started out as a joke over a decade ago. Musk had been quietly funding the development of Dogecoin, which gained popularity thanks to his endorsements and comments. However, Musk faced a class action lawsuit involving Dogecoin, with plaintiffs accusing him of insider trading and inflating the asset's price. In March, Musk sought to end the lawsuit by stating that tweeting about an asset in support of it is not unlawful. He even referred to himself as the "Dogefather" in a tweet promoting an appearance on Saturday Night Live and changed Twitter's logo to the Shiba Inu logo of the DOGE crypto.
A New Social Media Platform
A post by crypto journalist Colin Wu highlighted the other aspects of the biography, including developing a social media platform and Sam Bankman-Fried’s failed attempt to invest $5 billion in the acquisition of Twitter.
“The biography of Elon Musk, which will be published on September 12, revealed that he has been quietly funding the development of DOGECOIN; considered creating a social media based on blockchain and including payment; SBF ultimately failed to invest 5 billion to help acquire Twitter, and they think each other is crazy.”
The leaked documents reveal that Musk had proposed the idea of a social media platform where users could pay for verification. Musk's brother, Kimbal, suggested that a new platform be built based on Musk's ideas. Musk was reportedly enthusiastic about the concept of a social media platform that allowed users to send money to each other, while creators would be compensated for their content.
During the discussion, Musk mentioned that Dogecoin could be used as a payment method on the platform. Musk had also expressed interest in creating a blockchain-based social media system that allows short messages and payments, similar to Twitter. However, he went on to acquire Twitter for $44 billion, which has since been rebranded as X in line with Musk's original idea. X has obtained a license to offer payments in multiple states, but it is unclear whether Dogecoin will be integrated as a mode of payment.
Sam Bankman-Fried’s Failed Twitter Investment
The upcoming biography on Elon Musk, written by Walter Isaacson, details an unsuccessful investment attempt by Sam Bankman-Fried, the founder and ex-chief executive of the now-bankrupt FTX exchange, to help Musk acquire Twitter for $5 billion. However, Musk later clarified that neither he nor Twitter had received any investment from Bankman-Fried or FTX after the exchange's collapse. The book is scheduled for release on September 12th.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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