Musk’s Dogecoin Support and Blockchain Social Media Vision Unveiled
The biography of billionaire investor Elon Musk unveils his secret Dogecoin project backing and establishment of a blockchain-based social media platform. The book, which is likely to be released later this month, also unfolds the unsuccessful efforts of the founder and former CEO of FTX, Sam Bankman-Fried, to back Musk in the acquisition of Twitter.
Musk Mulled Blockchain-Based Social Media Platform With Payments
Elon Musk's upcoming biography, which is likely to be released on September 12, unveils an unprecedented glimpse into the tech mogul's involvement in the world of cryptocurrency. Musk has been quietly funding the development of Dogecoin, the meme coin that owes much of its popularity to SpaceX and Tesla owner. The book also unveils Musk's ambitious idea of creating a blockchain-based social media platform with integrated payment systems.
Elon Musk is known for his disruptive ideas and influence in the crypto space and has long been suspected of being a driving force behind Dogecoin's rise. The meme coin, initially launched as a joke over a decade ago, gained substantial traction thanks to Musk's tweets and endorsements, earning him the title of a crypto influencer.
Musk's tweets about Dogecoin have even sparked legal controversy, with a class-action lawsuit involving the meme coin earlier this year accusing him of insider trading and manipulating the price. Musk tried to close the USD 258 billion lawsuit in late March and vehemently denied any wrongdoing, asserting that supporting Dogecoin through his tweets need not be seen as unlawful.
Musk embraced the title "The Dogefather" during a promotional tweet for his appearance on Saturday Night Live in May 2021. He also changed Twitter's iconic blue bird logo to Dogecoin's Shiba Inu mascot. Last year, in November, Musk acquired the microblogging and social networking giant for USD 44 billion, recently rebranding it as "X."
Excerpts from the Biography Published in the Wall Street Journal
A recent post on X, authored by Chinese crypto journalist Colin Wu, also known by his handle name Wu Blockchain, unveiled excerpts from Walter Isaacson's forthcoming biography on Elon Musk in an article in the Wall Street Journal ahead of the upcoming book release.
The text reveals Musk's contemplation of a blockchain-based social media platform that incorporates payment functionality, an idea proposed by his brother, Kimbal. Musk playfully suggested that the platform's payment system could utilize none other than Dogecoin. However, in August, he declared that X would "never" launch its token.
The biography also covers an unsuccessful bid by Sam Bankman-Fried, the disgraced founder and former CEO of the now-defunct cryptocurrency exchange FTX, to fund USD 5 billion in support of Musk's Twitter acquisition. Musk clarified in November 2022, following the collapse of the crypto exchange, that neither he nor Twitter had accepted any funding from Bankman-Fried or FTX. Musk even supported calls for Bankman-Fried to face legal consequences.
As Musk's biography prepares to hit bookstores, readers can't help but wonder if it will reveal more intriguing facets of the tech entrepreneur's extraordinary life and career.
Do you expect Elon Musk’s biography to reveal other interesting moments of the entrepreneur’s life and career? Please share your thoughts and opinions in the comments section below.
Image source: Shutterstock
0 Comments