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Elon Musk turns down a $1 million offer to buy his tweet as an NFT

Elon Musk turns down a $1 million offer to buy his tweet as an NFT

March 17, 2021: Tesla and SpaceX CEO Elon Musk withdrew the offer to sell one of his tweets as a non-fungible token on Tuesday, even though a bidder had offered more than $1 million for the digital asset. On Monday, Musk said in a tweet, “I’m selling this song about NFTs as an NFT.” The social media post he made for sale including a song with the lyrics, “NFT for your vanity.”

The tweet-for-sale also contained a short video loop, which portrayed a trophy labeled “Vanity Trophy” with the term “NFT” at the top, and “HODL” across the bottom.

HODL is a cheer used by fans of cryptocurrency and retail investors to encourage people to hold onto shares in a company rather than sell.

Musk changed his tune on Tuesday, tweeted that “Actually doesn’t feel quite right selling this. Will pass.”

NFTs are unique tokens of crypto used to represent digital assets that included images and video clips. They can be bought and sold like physical collectibles. NFTs run on a decentralized digital ledger, which means transactions and validity of any asset that an NFT represents can be tracked.

Musk’s tweet, which includes his caption, video song, was listed for sale as an NFT on “Valuables,” a platform released by Cent, the social media network built on the blockchain. According to Valuables, the highest last bid on the Musk tweet was $1,121,000 from a Twitter account known as @SinaEstavi.

The experimental CEO has been known for his late digital assets endorsement, including bitcoin, Dogecoin, and now NFTs. Tesla revealed it purchased $1.5 billion in bitcoin and will continue to make cryptocurrency acquisitions in February.

On Monday, his buzz-generating NFT offer helped Musk distract his tens of millions of followers on Twitter from the news of personnel changes in the top ranks of Tesla and a federal probe into a Tesla crash that happened in Detroit late the previous week.

On Monday, financial filings reveal that former Tesla Automotive President Jerome Guillen would be vacating that role to become heavy trucking president of Tesla.

Tesla has not revealed a successor to Guillen for the position of president of Automotive.

In recent months, the U.S. Securities and Exchange Commission has warned investors against purchasing or giving stocks and other assets based on info shared on social media. The financial regulator has also warned investors against buying shares in SPACs, or other assets, simply because of celebrity involvement in the deal.

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