Musk Funded Dogecoin, Contemplated Blockchain Social Media Platform

Elon Musk had considered the possibility of developing a social media platform based on blockchain technology and was heavily involved with the cryptocurrency Dogecoin, a biography of the billionaire has revealed.

The book, which should go on sale later this month, also talks about a failed attempt by Sam Bankman-Fried to help Musk in his acquisition of Twitter.

How Involved Was Musk With Dogecoin?

Leaked pages from the upcoming biography of the billionaire have revealed that Musk was heavily involved with Dogecoin, far more than the community realized. In fact, Musk had quietly been funding the development of Dogecoin, according to the biography. Dogecoin started out as a joke over a decade ago but shot up in popularity thanks to Musk’s endorsements. Musk’s comments on the cryptocurrency were also thought to have influenced its price. In fact, plaintiffs accused him in a class action lawsuit involving Dogecoin of insider trading and inflating the asset’s price.

Musk had sought to bring an end to the lawsuit in March, stating that simply tweeting about an asset in support of it is not unlawful. Musk had dubbed himself as the “Dogefather” in a tweet promoting an appearance on Saturday Night Live. He had also changed Twitter’s blue bird logo to the Shiba Inu logo of the DOGE crypto.

A New Social Media Platform

A post by crypto journalist Colin Wu highlighted the other aspects of the biography, including developing a social media platform and Sam Bankman-Fried’s failed attempt to invest $5 billion in the acquisition of Twitter.

“The biography of Elon Musk, which will be published on September 12, revealed that he has been quietly funding the development of DOGECOIN; considered creating a social media based on blockchain and including payment; SBF ultimately failed to invest 5 billion to help acquire Twitter, and they think each other is crazy.”

The leaked pages also discuss Musk’s idea of creating a social media platform where users could pay for verification. Over time, Musk’s brother Kimbal suggested that a new social media platform be built with the ideas Musk put forward. Musk was reportedly extremely excited by the idea of a social media platform where users could send money to one another, and creators would be paid for their stories, videos, and music.

At this point, Musk mentioned that the platform could have a payment that utilized Dogecoin. Musk had also wanted to work on a “blockchain social media system that did short messages and payments like Twitter. However, Musk went on to purchase Twitter for $44 billion. Since then, Twitter has been rebranded to X, in line with the original idea Musk had in mind. X has received a license to offer payments in multiple states. However, there is no indication that Dogecoin will be implemented as a mode of payment on X.

Sam Bankman-Fried’s Failed Twitter Investment

The biography also talks about a failed attempt by the founder and ex-chief executive of the now-bankrupt FTX exchange to invest $5 billion and help Musk acquire Twitter. However, following the collapse of FTX, Musk stated that neither he nor Twitter had taken any investment from Sam Bankman-Fried or FTX. The biography on Musk, written by Walter Isaacson, is set for release on September 12.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.