Elon Musk, the CEO of Tesla and SpaceX, recently responded to a tweet from Billy Markus, also known as Shibetoshi Nakamoto, the founder of Dogecoin, regarding a drastic reduction in his social media earnings. This interaction gains significance against the backdrop of Musk’s controversial influence on Dogecoin and allegations of market manipulation.
Markus’s Earnings and Musk’s Response
On September 2, 2023, Billy Markus disclosed that his recent social media earnings had plummeted to about one-third of what they were in the previous two weeks. The tweet quickly gained traction, stating,
my 𝕏 paycheck is about 1/3rd of what it was compared to the previous two weeks, and i want to say… …that it’s all magic bonus money to me that i greatly appreciate and it’s absolutely crazy and amazing that i get paid anything at all to shitpost on this app
In response, Elon Musk tweeted that the fluctuation was likely due to the “beta code” nature of the revenue-sharing algorithm on the platform. He also added that only verified users counted towards ad revenue, hinting at the complexities of monetization algorithms.
Sorry, this should be more stable over time. Revenue share is still very much beta code. Worth noting that only verified users (aka X Premium subscribers) count for ad revenue, otherwise it’s trivial to game.
Implications for Social Media Monetization
The interaction between Markus and Musk serves as a microcosm of larger issues surrounding social media monetization, including high-profile figures of cryptocurrency. It raises questions about the fairness and stability of revenue-sharing models, especially for content creators who rely on these platforms for income. Moreover, it brings into focus the ethical considerations of influential figures like Musk affecting market dynamics.
Musk’s Influence on Dogecoin
Elon Musk has been a polarizing figure in the cryptocurrency world, particularly when it comes to Dogecoin. His tweets have often led to wild price swings, as reported by Blockchain.News, earning him both admiration and criticism. Musk has even faced legal action for allegedly manipulating Dogecoin prices, although these allegations have yet to be substantiated.
Recent Revelations from Wall Street Journal
A recent Wall Street Journal article titled “The Real Story of Musk’s Twitter Takeover” adds another layer of complexity to this narrative. The article, based on an excerpt from Walter Isaacson’s upcoming biography on Elon Musk, reveals that Musk has been quietly funding Dogecoin’s development. It also discusses failed negotiations between Musk and Sam Bankman-Fried (SBF), the CEO of cryptocurrency exchange FTX, over a potential $5 billion investment. Both parties reportedly considered the other “crazy.”
The sharp decline in social media earnings experienced by Dogecoin founder Billy Markus and Elon Musk’s subsequent response have opened up a Pandora’s box of questions related to social media monetization and market influence, a sentiment echoed by other key figures. This issue gains urgency as Meta’s new Twitter-style app, Thread, intensifies competition and challenges Twitter’s operational model.
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