Elon Musk and Jack Dorsey’s bitcoin bromance: the CEOs of Tesla and Twitter are ‘crypto influencers’ who love digital currency – but when did they start stanning each other?

Twitter and Square’s Jack Dorsey, rare among big tech executives., Covid-19 vaccines, Facebook, Instagram, YouTube, Twitter, Business Insider

Both Twitter and Square’s Jack Dorsey, and Tesla and SpaceX CEO Elon Musk, have emerged as quasi-bitcoin ambassadors, using their Twitter platforms to spout their devotion to the virtual currency.

And their mutual love for the digital asset has brought them together in a way that has become rare among big tech executives.

Facebook CEO Mark Zuckerberg and Apple CEO Tim Cook famously have beef stretching back years, and Microsoft co-founder Bill Gates had a long feud with the late Apple visionary Steve Jobs.

Twitter and Square’s Jack Dorsey, rare among big tech executives., Covid-19 vaccines, Facebook, Instagram, YouTube, Twitter, Business Insider

Elon Musk, CEO of SpaceX and Tesla, speaks during a South by Southwest 2018 session in Austin. Photo: The Austin American-Statesman/TNS

Musk himself has gotten into tiffs with Gates over Tesla’s electric vehicles and Covid-19 vaccines.

But what Musk and Dorsey have shared online is different. And it looks like their correspondence might culminate in their first public appearance together at a July bitcoin conference.

Here’s how their bromance was born and how it has blossomed.

Dorsey publicly praised Musk in 2016

Twitter and Square’s Jack Dorsey, rare among big tech executives., Covid-19 vaccines, Facebook, Instagram, YouTube, Twitter, Business Insider

Tesla head Elon Musk at the construction site of the new Tesla Gigafactory near Berlin in September 2020. Photo: Getty Images

The Twitter CEO said Musk’s account on the social platform was one of his favourites.

“He’s constantly on Twitter, constantly talking about what [Tesla is] doing – and how he’s feeling about it as well,” Dorsey said at a trade show in 2016. “He’s very open and uses it to correct press and if people aren’t focused on the right things. I think he’s a really good model of how to use [the platform] well.”

Musk gave Dorsey some tips in January 2020

Twitter and Square’s Jack Dorsey, rare among big tech executives., Covid-19 vaccines, Facebook, Instagram, YouTube, Twitter, Business Insider

The logo of US social network Twitter displayed on the screen of a smartphone against a background of the logo. Photo: AFP

Dorsey asked Musk for “direct feedback” on how to improve the social media service in a video call in front of thousands of Twitter employees.

The Tesla CEO said it would be helpful to be able to tell fake and real users apart.

“Is this a real person, or is this a bot net, or a sort of troll army, or something like that?” Musk said.

Musk came to Dorsey’s defence in March 2020

Twitter and Square’s Jack Dorsey, rare among big tech executives., Covid-19 vaccines, Facebook, Instagram, YouTube, Twitter, Business Insider

CEO of Twitter Jack Dorsey testifies before the Senate Intelligence Committee on Capitol Hill in Washington, in September 2018. Photo: AFP

In 2020, an activist hedge fund that had amassed a stake of around 5 per cent in Twitter pushed an initiative to drive Dorsey out of his role as CEO. The hedge fund, Elliot Management, reasoned that since Dorsey led two companies, Twitter and Square, he wasn’t focused enough on the former.

During the attempted ousting, Musk – who also helms two companies – tweeted, “Just want say that I support @Jack as Twitter CEO. He has a good heart [using the heart emoji].”

Musk called Dorsey during the great Twitter hack of July 2020

Twitter and Square’s Jack Dorsey, rare among big tech executives., Covid-19 vaccines, Facebook, Instagram, YouTube, Twitter, Business Insider

Elon Musk speaks at the 2020 Satellite Conference and Exhibition in March 2020 in Washington. Photo: Getty Images/TNS

Hackers staged a coordinated attack on dozens of celebrity accounts last July, and Musk’s was one of them. He told The New York Times that he personally called Dorsey after realising he had been hacked and that his account was compromised.

“Within a few minutes of the post coming up, I immediately got texts from a bunch of people I know, then I immediately called Jack so probably within less than five minutes my account was locked,” Musk told the Times.

Both Musk and Dorsey have become crypto influencers

Twitter and Square’s Jack Dorsey, rare among big tech executives., Covid-19 vaccines, Facebook, Instagram, YouTube, Twitter, Business Insider

CEO of Twitter Jack Dorsey testifies before the Senate Intelligence Committee on Capitol Hill in Washington, in September 2018. Photo: AFP

Dorsey especially has thrown his support behind the digital currency, which has seen booming popularity and growth recently, although with a sizeable dip at the moment indicating its ongoing volatility.

The Twitter CEO has simply “#bitcoin” in his account bio and said at “Bitcoin 2021”, held in Miami earlier this month, that “Bitcoin changes absolutely everything. I don’t think there’s anything more important in my lifetime to work on.”

Twitter and Square’s Jack Dorsey, rare among big tech executives., Covid-19 vaccines, Facebook, Instagram, YouTube, Twitter, Business Insider

The Twitter logo seen on a phone. Photo: AFP

His payment processing company Square held 8,027 bitcoin in mid-May.

And he said in a series of tweets in early June that Square was toying with building out a hardware wallet for bitcoin.

Musk can move markets with crypto-related tweets

Twitter and Square’s Jack Dorsey, rare among big tech executives., Covid-19 vaccines, Facebook, Instagram, YouTube, Twitter, Business Insider

Elon Musk can be a divisive character, taking unscientific stances at times and being involved in controversies around Covid-19 and artificial intelligence. Photo: Getty Images/TNS

Musk has said he strongly believes in crypto, and Tesla said at one point it would accept vehicle purchases in the form of bitcoin. The CEO also included the #bitcoin hashtag in his Twitter bio for a while.

But in mid-May, Musk announced the company was suspending bitcoin payments over concerns around the computing power needed for bitcoin mining and transactions sustaining the use of fossil fuels. He said Tesla would start accepting bitcoin again when at least half of bitcoin mining is powered by clean energy. 

Twitter and Square’s Jack Dorsey, rare among big tech executives., Covid-19 vaccines, Facebook, Instagram, YouTube, Twitter, Business Insider

Bitcoin medals shown in 2014. Tesla CEO Elon Musk changed his Twitter bio to simply read “#bitcoin” at one point but has since tempered his enthusiasm over concerns about the huge amount of power needed to run the servers that mine bitcoin. Photo: AFP

Musk has kicked off market rallies with the tweets he posts about cryptocurrencies, much to the anger of regulators and investors.

The most recent was when he tweeted “my Shiba Inu will be named Floki”, a reference to the Shiba Inu that represents dogecoin. The alternative currency shot up 16 per cent just minutes after Musk published his tweet.

Musk and Dorsey may finally publicly dish on their mutual enthusiasm for crypto

Dorsey has posted about an upcoming bitcoin event called “The B Word” on Twitter, and after Musk responded to it, the Twitter CEO invited him to attend for a discussion.

Musk responded, “For the Bitcurious? Very well then, let’s do it,” and added a winking face emoji. Dorsey said he would set it up.

The conference will kick off on July 21, though it’s unclear if it will be virtual or in-person. But either way, it’ll be what appears to be the first public appearance starring the two friendly executives.

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This article originally appeared on Business Insider

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