Donald Trump has returned to X (formerly Twitter), and Elon Musk welcomed him back in a personal interview yesterday.
Trump is ranked as one of the most influential Twitter users of all time. He famously moved Amazon's market capitalization by $5 billion with a single tweet, as well as the stock prices of many publicly traded companies, including Ford, General Motors, and Lockheed Martin, in a single day.
His tweets are powerful.
As an example, on December 16, 2022, President Trump endorsed an NFT collection called “Trump Digital Trading Cards.” The next day, the minimum price of the collection reached an all-time high of 0.84 ETH. Currently, These NFTs will be resold for under 0.10 ETH.
Trump also promoted photo opportunities at the Bitcoin conference: $60,000 for a selfie, $100,000 for a couples photo, and $844,600 for a roundtable discussion at the conference. This promotion raised $25 million, but because tickets were not resold on the secondary market, there is no graph showing this market impact.
Promoters like Martin Shkreli and media outlet Pirate Wires have attempted to cash in on the Trump cryptocurrency craze, launching fake Trump tokens on various blockchains. Unauthorized tokens with symbols like DJT, MAGA, MAGAA, DMAGA, and TRUMP are trading on blockchains like Ethereum, Arbitrum, Optimism, Base, Solana, Pulse Chain, and Binance Smart Chain. There are hundreds of unauthorized Trump-themed meme coins. Traders should take note.
Read more: All the DJT token drama in one article
Case Study: Digital World Acquisition Corp. (DWAC)
Returning to Trump himself, consider the startling effect his tweet had on a publicly traded cryptocurrency company known as Digital World Acquisition Corporation (DWAC).
Twitter staff suspended Trump's account several times during Jack Dorsey's tenure as CEO in 2020. Dorsey eventually personally authorized a permanent suspension of his own account upon the transition of presidential power to Joe Biden in January 2021.
By October 20 of that year, Trump unveiled Truth Social. His new social media network would be similar to Twitter, with fewer users, lean more Republican, not ban the former president, and most importantly, boost DWAC's stock price.
Within two days of President Trump's announcement, the company's stock price on the Nasdaq Stock Exchange fell 4.4%. Approximately $10 to $175These shares are currently trading below $25 as the symbol has changed to DJT.
It was a classic pump-and-dump scheme, and the Securities and Exchange Commission eventually sued DWAC insiders for fraud. The Commission won the case with a cease-and-desist order and an $18 million civil penalty, but chose not to bring charges against Trump personally.
Cryptocurrency becomes hot topic as Trump starts tweeting
After Elon Musk bought Twitter and took it private on October 27, 2022, people began to question the permanence of Jack Dorsey's suspension. That speculation became reality a month later when Musk reinstated Trump's account. However, Trump did not benefit from the reinstatement for almost a year.
In the end, August twenty fourOn January 14, 2023, President Trump tweeted an image of his mugshot taken at the time of his arrest in Fulton County, Georgia, along with various calls to action. The tweet has been viewed 313 million times, making it one of the most popular political tweets of all time.
Trump then went quiet again, not tweeting for another 11 months, opting instead to post on Truth Social.
But after almost a year, 89 million followers is back.
Elon Musk tried to interview Donald Trump on X
Musk scheduled a live social audio room on X to officially welcome Trump back to the platform. 8pm New York time on Monday, and as expected, the platform crashed.
Complaints flooded in. Musk denied responsibility, but Condemn The outage was caused by a “massive distributed denial of service attack.”
Someone created a Solana meme coin, “ELON TRUMP,” to monetize the event, which of course was an unauthorized pump and dump.
Multiple updates to the room summary showed attendance peaking at around 210,000 people between 8:00 and 8:30pm. It's unclear how many attendees were lucky enough to actually hear the live audio during that 30-minute period.
Musk resumed the interview at 8:30 p.m. with music in the lobby. Five minutes later, 850,000 people participated, but the interviews hadn't even started yet..
Musk's interview with Trump finally began at 8:42 p.m., with 984,000 people tuning in. Within an hour, the number of listeners had topped 1.3 million.
Despite a throng of crypto traders listening in, Trump avoided discussing cryptocurrencies after 10:37 p.m. The two men spoke about topics unrelated to cryptocurrency, including the assassination attempt in Pennsylvania, immigration, inflation, taxes, foreign policy, armed conflicts overseas, generators and global warming.
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