Elon Musk, a multibillionaire investor, was involved in the Dogecoin project and had the idea to start a social media platform based on blockchain, according to his biography. The book, which is anticipated to be released later this month, also discusses Sam Bankman-Fried’s unsuccessful attempt to aid Musk in his purchase of Twitter.

Elon Musk Considered Creating Blockchain-Based Social Media Platform With Payments

A new biography of the founder of SpaceX and Tesla, Elon Musk, that will be released on September 12 claims that he has been covertly sponsoring the creation of Dogecoin. Musk, who has established himself as a crypto influencer, is largely responsible for the cryptocurrency’s rise to fame after it first emerged as a joke a decade ago.

Dogecoin’s (DOGE) market may have changed as a result of Elon Musk’s remarks. He was accused of insider trading and manipulating the price of the cryptocurrency by plaintiffs in a class action lawsuit regarding the meme coin earlier this year. Musk fought to terminate the $258 billion lawsuit in late March, claiming that it was legal to tweet in favor of bitcoin.

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The millionaire coined himself “The Dogefather” in a tweet announcing a May 2021 visit on Saturday Night Live, and this year he replaced Twitter’s blue bird emblem with Dogecoin’s Shiba Inu logo. He paid $44 billion for the social networking and microblogging service last year and has now relaunched it as X.

Ahead of the imminent publication of the “Elon Musk” biography, Chinese crypto writer Colin Wu, better known by his name Wu Blockchain, called attention to an item in the Wall Street Journal in a post on X on Saturday. Author Walter Isaacson included a passage from his book in the article.

Musk pondered developing a new social networking site built on blockchain that would support payments, according to Wu Blockchain. His brother, Kimbal, was the one who had the concept. Elon Musk reportedly thought “half-jokingly” that Dogecoin might be used as the network’s payment system in the text that was cited. He declared in August that X would “never” introduce its own token.


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