Ex-Convict Created DJT Token with Barron Trump and “Top G”? New Docs Expose Elon Musk’s X Revenue

In a crypto plot twist worthy of a netflix series, Martin Shkreli, the notorious “Pharma Bro” famous for hiking the cost of a lifesaving drug by 5,000% and being convicted of securities fraud… Well he’s back, and has now claimed he played a pivotal role in creating the DJT token. This digital drama, spiced with rumors of Trump family involvement and featuring none other than Andrew Tate, has set the crypto community abuzz.

The Revelation

On June 18, during an X Spaces chat, Shkreli confessed he was “helping a friend” when DJT launched in April. This token, rumored to be linked to Donald Trump’s son, has seen Shkreli hinting that Barron might have been involved. Shkreli's bombshell came after Arkham Intelligence dangled a $150,000 bounty for anyone who could unmask the token's creator, prompted by Shkreli accepting a $100 million bet from crypto trader GCR over the token’s authenticity.

The Twitter Drama Unfolds

In a frantic sequence of events, ZachXBT, the blockchain detective, tweeted about his submission for the bounty at 11:49 P.M. UTC. Minutes later, at 11:57 P.M. UTC, Shkreli sent a panicked direct message to ZachXBT, and by 12:27 A.M. UTC, he was on X Spaces claiming he created the token. Shkreli’s declaration triggered a flurry of trading activity, with one insider dumping $832,000 worth of DJT just an hour before the announcement.

Enter Andrew Tate

As if the plot needed more twists, Andrew Tate, “the top g” and controversial internet personality, also got dragged into the mix. Arnold Bernault humorously pointed out that despite the high-profile involvement of Barron Trump, Andrew Tate, and Martin Shkreli, they didn’t think to consult crypto trader Ansem first. Tate and Ansem were already embroiled in a feud over Tate’s alleged crypto manipulation, escalating into a $10 million boxing match bet in Dubai.

Legal Shadows Looming

Adam Cochran, a partner at CEHV, speculated on the legal implications for Shkreli. His parole terms require full financial disclosure and a ban on managing investments. Cochran hinted that Shkreli might be courting jail time either for fraud or for violating parole by managing an investment opportunity. Shkreli, true to form, dismissed these concerns with sarcasm, downplaying the issue of insider trading and the fairness of the token launch.

The Aftermath

While the Trump campaign has stayed mum on the topic, the crypto community is in a frenzy. DJT token prices have plummeted 58% in 24 hours, adding to the chaos. Meanwhile, Shkreli is adamant that GCR should honor the $100 million bet, asserting his co-creation claim with Barron Trump.

This saga, featuring a cast straight out of a reality TV show, leaves the crypto world watching intently for the next twist. Will there be legal repercussions for Shkreli? Will Andrew Tate's boxing match with Ansem steal the spotlight? Stay tuned as this crypto drama continues to unfold.

Stocks.News does not have positions in companies mentioned.

New Documents Expose Elon Musk’s X Revenue Nightmare

Remember when Elon Musk dropped a hint about his vision for X, the app formerly known as Twitter, transforming it into a PayPal-like super app. While that dream is still very much alive, the financial reality is proving to be more of a nightmare.

X's Financial Drama Unfolds

New documents, fresh off the press from Bloomberg, pull back the curtain on Musk's grand vision and the harsh financial landscape X has been navigating since Musk took the reins in October 2022.

These documents, which X submitted to state regulators in its quest for money transmitter licenses, offer us a rare peek into the company’s finances. And let's just say, the view isn't pretty.

A Plunge in Revenue

With X now a private entity, the flow of financial gossip has slowed. However, these documents make it official: X's revenue has taken a nosedive. In the first half of 2023, revenue dropped nearly 40% compared to the same period the previous year, raking in just $1.48 billion. Worse yet, X reported a $456 million loss in the first quarter alone. Ouch.

The main culprit? Advertisers fleeing faster than kids from broccoli. Before Musk’s takeover, advertising made up a staggering 90% of Twitter’s revenue. Post-takeover, various platform changes and Musk-related controversies sent advertisers running for the hills, causing a significant revenue shortfall.

Musk’s Money Moves

In a bid to plug the financial leak, Musk is pushing X into the payments business. X has filed for money transmitter licenses in 11 states, laying the groundwork for a PayPal/Venmo-esque service called X Payments. This feature would let users pay each other, buy goods and services, and even store money within their X accounts.

But here’s the kicker: X Payments plans to offer most of its services free of charge. Musk has also tossed around ideas like allowing users to open high-yield savings accounts through X. Ambitious, much?

Interestingly, the concept isn’t entirely new. Back in February 2022, the old Twitter incorporated a payments business, which Musk has now rebranded as X Payments. Despite existing partnerships with payment processors like Stripe and banks like Citibank, it’s still unclear if these will extend to X Payments.

So, there you have it. Elon Musk's X is attempting a high-stakes pivot into financial services while dealing with a gaping revenue hole. Will X Payments save the company? Only time will tell.

Stocks.News does not have positions in companies mentioned.