Kraken Co-Founder Backs Elon Musk, Says: We Need Him


Dogecoin’s biggest supporter and CEO of X, Tesla, and SpaceX, Elon Musk, finds himself at the center of controversy again. The entrepreneur made some statements during the DealBook Summit The New York Times hosted.

Elon Musk Supported By Crypto Community?

In the interview, co-founder and former CEO of crypto exchange Kraken, Jesse Powell, shared his impression. Specifically, Powell spoke about Elon Musk’s approach to running the social media platform.

Formerly a public company in the US, X (Twitter), was purchased by Musk in a billion-dollar deal presented as an attempt to “rescue freedom of speech.” During the DealBook Summit, the entrepreneur claimed the platform was “subjugated” to the US government.

Furthermore, Elon Musk stated that this alleged control violated the US Constitution and its First Amendment. Musk said:

The degree to which all Twitter was basically a sock puppet of the government was ridiculous. It seems to be that there is a severe violation of the first amendment, in terms of how much control the government had over all Twitter, and it no longer is.

The Kraken Co-founder showed support for Musk. The current CEO of the social media platform has been implementing changes in its policies to “protect” free speech. Via his X handle, Powell stated:

Twitter makes an extremely strong case against “billionaires shouldn’t exist”. In fact, it proves that we need to maintain at least one person worth $44 billion.

Other crypto community members agreed with Powell and his defense of Elon Musk. These individuals acknowledged Musk’s role in “protecting” freedom; others, however, pointed out that individuals and entities should be kept from concentrating power.

Elon Musk Dogecoin DOGE DOGEUSDT chart 1
DOGE’s price trends to the upside on the daily chart. Source: DOGEUSDT on Tradingview

Musk Takes Aim At Disney

During the same interview, Musk addressed the advertisement issue faced by the platform. Big names, such as Apple, IBM, and Disney, decided to stop their marketing campaigns on X due to the company’s alleged complacency with “pro-Nazi” posts.

Talking directly to the CEO of Disney, Bob Iger, Musk said: “Go F yourself. Go. F. Yourself. Is that clear?” This has led to another display of support from Musk’s followers as Disney’s streaming (Disney+) supposedly records an increase in people leaving the service.

Cover image from Unsplash, chart from Tradingview



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