Elon Musk, the tech entrepreneur behind SpaceX and Tesla, has been secretly funding the development of Dogecoin, a cryptocurrency that started as a joke. Musk’s support and influence have played a significant role in the popularity of Dogecoin. He has been accused of insider trading and inflating the price of the crypto in a class-action lawsuit, but he argues that his tweets in support of Dogecoin were not unlawful. Musk has shown his support for Dogecoin by promoting it on social media and even changing Twitter’s logo to the Dogecoin logo. In addition to his involvement with Dogecoin, Musk considered creating a blockchain-based social media platform with a payment system, potentially using Dogecoin as the currency. However, Musk recently stated that his company, X, will not launch its own token. The biography of Elon Musk also mentions a failed attempt by Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, to invest $5 billion to acquire Twitter. Musk denied taking any investment from Bankman-Fried and expressed his support for the latter to be jailed.
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