Elon Musk advises against betting on Dogecoin, stating that Twitter will achieve positive cash flow and challenge Google and Microsoft's AI.

Elon Musk, the always controversial CEO of Tesla, made headlines again when he spoke at a virtual conference hosted by The Wall Street Journal in London. He advised against people buying cryptocurrencies or betting the farm on Dogecoin. Musk also mentioned that Twitter is making progress and may achieve positive cash flow starting next month. He also stated that he plans to challenge Google and Microsoft in the field of AI.

Elon Musk Advises Against Betting Big on Dogecoin

Elon Musk, the outspoken CEO of Tesla, cautioned against buying cryptocurrencies or going all-in on Dogecoin during a virtual conference hosted by The Wall Street Journal in London. He mentioned that he doesn't recommend people invest heavily in cryptocurrencies or bet the farm on Dogecoin.

However, he did acknowledge that Dogecoin is his favorite cryptocurrency due to its humor and association with dogs. The most ironic aspect of Dogecoin, according to Musk, is that it started as a joke mocking cryptocurrencies but ended up becoming a global cryptocurrency.

Currently, Dogecoin ranks as the 8th largest cryptocurrency by market capitalization, valued at a staggering $9.9 billion. Musk's tweets often trigger significant price surges in Dogecoin; for instance, changing his Twitter profile picture to Dogecoin led to a 20% price spike. Even quirky products like "Burnt Hair" perfume and certain Tesla merchandise can be purchased with Dogecoin. Musk's inconsistent behavior is truly characteristic of his unique style.

Twitter Likely to Achieve Positive Cash Flow Next Month

Musk mentioned that the $44 billion acquisition of Twitter last year is showing promising results. Despite Twitter's current lackluster profitability, it is expected to achieve positive cash flow as early as next month. After Musk acquired Twitter and took it private, the company no longer needs to publicly report its financial performance, but it has been unprofitable since 2019.

Since Musk took over Twitter, there have been significant layoffs and the introduction of the Blue Checkmark paid subscription service. Recently, he announced that he would pass on the CEO role to NBC Universal ad executive Linda Yaccarino and transition to Executive Director and Chief Technologist roles.

While Tesla has traditionally avoided advertising, Musk, as CEO, stated at this year's shareholder meeting:

"We're going to try some advertising and see how that goes."

Speculations arise about whether Tesla will feature Musk in advertisements or invest heavily in branding campaigns like Apple. Some speculate that Tesla might advertise on Twitter to provide a stable revenue stream for the platform.

Musk Aims to Challenge Google and Microsoft in AI

Musk also hinted that Twitter could play a role in his venture into the artificial intelligence (AI) sector. Tesla has been utilizing AI to enhance its advanced driver-assistance features. Twitter and Tesla could potentially collaborate as an AI company, similar to the relationship between Microsoft and OpenAI. Reports suggest that Musk has established an AI company named X.AI.

Previously, Musk confirmed the development of his AI chatbot version, "TruthGPT," which he described as an AI dedicated to seeking the truth and understanding the essence of the universe. He believes this direction is the safest because an AI focused on comprehending the universe is less likely to pose a threat to humanity, as humans are an intriguing part of the universe.

He advocates for a significant third player in the competition, beyond Microsoft and Google, aiming to make a greater contribution to society.