A current social media post by crypto pundit MartySocial gathering has sparked renewed curiosity within the early funding patterns surrounding Solana. This curiosity facilities across the revelation that Lyndon Rive, a cousin of Elon Musk, was among the many first buyers in Solana, a incontrovertible fact that has largely flown underneath the radar since Rive’s announcement on July 30, 2019.
“Why is Elon Musk’s cousin Lyndon Rive one of the first investors in Solana. Rive is a cousin of Elon Musk as their mothers are twin sisters,” Marty remarked.
The Story Of Solana And Elon Musk’s Cousin
Lyndon Rive, higher often called the co-founder of SolarCity and cousin to tech mogul Elon Musk, has maintained a decrease profile in comparison with his famend relative. Despite their familial ties, Rive’s funding trajectory has diverged notably from Musk’s, particularly after Rive left SolarCity following its acquisition by Tesla in 2016.
In July 2019, Rive invested in Solana Labs, the corporate behind the SOL blockchain. The challenge, launched in 2018, is distinguished by its use of a Proof of Stake consensus mechanism, which aligns with the rising curiosity in additional energy-efficient blockchain applied sciences.
While Rive’s participation within the Series A funding of Solana was not singularly vital, it was a part of a vital $20 million funding spherical that helped kickstart the challenge. Subsequent investments by entities like CoinList and MXC Exchange bolstered Solana’s development, cumulatively elevating an extra $40 million.
The connection between Rive’s funding in Solana and Musk’s stance on SOL stays unclear. Elon Musk is widely known for his enthusiasm for Dogecoin, usually expressing assist for the meme coin. Additionally, Tesla, underneath Musk’s management, has included Bitcoin as a part of its company steadiness sheet.
However, Solana was by no means talked about by Musk. Notably, after Tesla ceased accepting Bitcoin in May 2021 citing environmental issues, the Solana Foundation reached out to Musk by way of Twitter, answering “dms are open”. Musk has by no means responded publicly, suggesting that there isn’t any official connection between Musk and Solana regardless of his cousin’s funding.
The intrigue deepens with the parallel decisions of Musk and Solana’s co-founder, Anatoly Yakovenko, in favoring the Rust programming language for his or her respective tasks, xAI and SOL. xAI’s current announcement lauds Rust for its robustness and reliability, important for scalable and maintainable infrastructure. Crypto skilled Joe McCann commented: “Elon Musk chooses Rust for xAI. Anatoly Yakovenko chose Rust for Solana.”
In conclusion, whereas Rive’s early funding in Solana is a notable piece of the platform’s historical past, the extent of his affect or any oblique connection to Musk stays speculative. Nevertheless, it’s a story to remember.
SOL Prize Takes A Break
At press time, SOL was buying and selling just under $40 and was present process a retest after the value broke out of the buying and selling vary publish the FTX crash final week. A day by day shut above $38.76 might be essential to ascertain a brand new vary and probably goal the 1,618 Fibonacci extension stage at $57.85.
Featured picture from Business Insider, chart from TradingView.com