Elon Musk Quietly Funds DOGECOIN Development As SBF Fails To Invest $5 Billion


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. 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.

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