Although Elon Musk initially said he would buy Twitter, he backed out, citing that it was full of bots. Twitter’s stock TWTR fell after Musk backed out. Later, the Twitter board filed a lawsuit, alleging that Musk manipulated the news. New documents that have now surfaced reveal the Dogecoin scheme between Elon Musk and Jack Dorsey.
Elon Musk and Twitter lawsuit reveal secret messages about Dogecoin
The messages surfaced in new court documents Thursday as part of the Elon Musk-Twittter lawsuit. Messages include conversations Musk had with podcaster Joe Rogan, Twitter co-founder Jack Dorsey, tech investor Jason Calacanis, and Oracle founder Larry Ellison, among others.
A portion of the messages reveal how Twitter co-founder Jack Dorsey applauded Musk’s effort from behind the scenes to buy and reform the platform. They also show that Musk is considering a “Plan B” to turn the platform into a Blockchain-based social network, while seeking funding for the Twitter deal.
Elon Musk’s Dogecoin plan
According to the documents, Musk said he has a blockchain-based “Plan B” for Twitter. In a message to Steve Davis, CEO of the tunnel boring Boring Company on April 14th,
My plan B is a Blockchain-based version of Twitter where “tweets” are placed as comments to the transaction. So, you will have to pay maybe 0.1 Doge per comment or per repeat of that comment.
According to the message, Elon Musk was planning a Twitter where users would tweet with 0.1 DOGE. However, this opinion soon changed.
Elon Musk and FTX CEO talk about decentralized Twitter
Just 11 days after the Dogecoin message, Musk changed his mind. He received a message from a broker saying he represents Sam Bankman-Fried, the billionaire CEO of cryptocurrency exchange FTX. The broker said that Bankman-Fried could offer Musk up to $5 billion in financing to take over Twitter if Musk agrees to “engineer Twitter for its blockchain integration.”
However, Musk replied to this proposal, “Blockchain Twitter is not possible.” He explained why:
Bandwidth and latency requirements cannot be supported by a P2P (peer-to-peer) network. Unless these ‘peers’ are absolutely massive, it defeats the purpose of a decentralized network.
Musk nevertheless agreed to meet with Bankman-Fried. But on one condition: “Unless I have to have a grueling Blockchain discussion.” Meanwhile, Bankman-Fried did not contribute money to Musk’s Twitter bid.
Finally, the messages show that Musk cooled off after deciding that this plan would not be viable. Meanwhile, among the messages that billionaire wants to fund after Musk announced that he would buy Twitter.
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