Did you know that Elon Musk had big plans for blockchain technology? A new biography of the billionaire reveals that he considered developing a social media platform based on blockchain and was heavily involved with the cryptocurrency Dogecoin. This involvement went beyond what the community realized. In fact, Musk had been quietly funding the development of Dogecoin. His endorsements and comments on the cryptocurrency were thought to have influenced its price, leading to accusations of insider trading and inflating the asset’s value. Musk defended himself, stating that tweeting in support of an asset is not unlawful.
Musk’s interest in social media didn’t stop there. He had ideas for a new social media platform where users could pay for verification and send money to each other. He even wanted creators to be paid for their content. Although he considered utilizing Dogecoin as a payment method, Musk eventually purchased Twitter for $44 billion. The biography also reveals a failed attempt by Sam Bankman-Fried to invest $5 billion and help Musk acquire Twitter. However, Musk clarified that no such investment took place. Stay tuned for the release of the biography on September 12.
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