Tech investor Elon Musk said that his social media platform X, formerly Twitter, will never launch its own cryptocurrency token. He made the statement in response to a post by a user of the networking service warning about fake coin projects exploiting Musk’s name and that of the platform.
Elon Musk Categorically Rejects Notion of X Issuing a Token
X will “never” launch its own crypto token, its owner, billionaire investor Elon Musk, stated explicitly. He was replying to a post by a user with the handle @cb_doge who warned others about articles advertising non-existent tokens.
The latter bear names such as “$X token” and “Twitter token,” creating the false impression of links to or authorization by X or Twitter, its previous brand name, and Musk. Investors are lured with claims of incredible price gains in short periods of time.
Elon Musk and 𝕏 never launched a crypto token. Be careful of such articles.
pic.twitter.com/tZqfwMMm2X
— DogeDesigner (@cb_doge) August 5, 2023
The warning points out that neither the social media network nor its owner have ever launched a digital token. “And we never will,” responded Elon Musk who bought Twitter for $44 billion last year and is now rebranding it to X.
The clickbait media titles also reference the favorite crypto of X’s former CEO and current tech chief, dogecoin. DOGE has become one of the most recognizable and popular meme coins, largely due to Musk’s association with it and shilling.
In June, Elon Musk was accused of insider trading in a class-action lawsuit involving dogecoin. The price of DOGE jumped by 30% when the entrepreneur temporarily altered Twitter’s logo to feature that of the meme coin. Plaintiffs claimed that the change had inflated its price.
Eventually, Musk replaced the iconic blue bird permanently in July with the current X logo. In a post, he explained that the Twitter name does not make sense anymore, since messages are not restricted in terms of characters and users can post even large videos.
“So we must bid adieu to the bird,” Musk said while also highlighting the role he envisages for the social media platform in his plan to build a super-app. “In the months to come, we will add comprehensive communications and the ability to conduct your entire financial world,” the owner promised without specifying whether that would include cryptocurrencies.
Do you think Elon Musk may change his mind about issuing an X token in the future? Tell us in the comments section below.
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