Elon Musk Quietly Funds DOGECOIN Development As SBF Fails To Invest $5 Billion
- Elon Musk funded the development of DOGECOIN and considered a blockchain-based social media platform with payments.
- The upcoming biography of Elon Musk reveals his involvement in cryptocurrency and blockchain technology.
- SBF failed to invest $5 billion to help acquire Twitter, which they believe was a mistake.
According to WSJ, Elon Musk’s upcoming biography reveals he funded DOGECOIN and considered a blockchain-based social media with payments. SBF failed to invest $5B in Twitter.
Elon Musk, the visionary behind Tesla and SpaceX, has been quietly funding the development of Dogecoin, a semi-serious cryptocurrency. But that’s not all – he’s also considered creating a new social media platform based on the blockchain, which would include payments. Musk’s interest in blockchain-based social media was revealed in a biography set to be published on September 12.
Musk’s vision for Twitter includes turning it into a payment platform, where users could send money, hand out tips, and pay for stories, music, and videos. To eliminate bots and create a new revenue stream, Musk suggested charging users a small amount, like $2 a month, to be verified.
Musk has been a vocal proponent of free speech on social media platforms and has criticized Twitter’s attempts to restrict what users can say. Musk believes it would be good for democracy if Twitter stopped trying to restrict user speech.
His brother Kimbal suggested that it would be better to start a new social media platform based on the blockchain. Musk liked the idea and suggested that it could have a payment system using Dogecoin.
Musk’s Morgan Stanley banker urged him to call Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, who was eager to invest $5 billion in the deal. However, Musk felt that building a social network on the blockchain would be too sluggish to support fast-paced Twitter postings, so he declined the offer.
Despite his reservations about blockchain-based social media, Musk is still interested in turning Twitter into a payments platform. Musk’s interest in blockchain technology is not new – he has previously expressed his admiration for Bitcoin and other cryptocurrencies. Musk has also revealed that he owns some Bitcoin and Dogecoin, which he has bought for his son.
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