Investors seem to view Bluesky Crypto Company as the counterpart to Bluesky Social Network
Bluesky Digital Assets Corp, a Canadian cryptocurrency company, has been making headlines recently due to a significant increase in its stock value. The company, founded by Twitter co-founder Jack Dorsey, has seen its stock value increase eightfold since the beginning of November, trading at 41 cents a share as of Wednesday, according to reports.
However, it's important to note that Bluesky Digital Assets Corp and the social media platform Bluesky are two distinct entities. Bluesky, a decentralized social media platform, is not publicly traded and does not operate in the crypto industry like Bluesky Digital Assets Corp.
Bluesky Digital Assets Corp is involved in the advanced development of proprietary technology, including AI, and offers a 'complete ecosystem of value creation.' On the other hand, the social media platform Bluesky, led by CEO Jay Graber since 2021 after Twitter separated from it, is focused on creating a decentralized, open, and user-controlled social network.
Recent reports suggest that Bluesky Digital Assets Corp has been unaware of any material change in its operations that would account for the recent increase in market activity. Interestingly, a press release by the company regarding the increase in market activity appears to have been removed from their website.
Meanwhile, the social media platform Bluesky has been growing in popularity, with 20 million users as of recent reports. However, the platform, like many others, is still relying on investor capital to keep the lights on and hasn't publicly announced a plan for how it intends to make a profit.
In a separate development, new research suggests that X, the social media platform previously owned by Elon Musk, heavily promoted Musk and conservative viewpoints before Donald Trump's victory in the U.S. presidential election. This revelation has sparked renewed interest in the role of social media platforms in shaping public discourse.
The value of Twitter, now known as X, has tanked since Musk bought it for $44 billion in 2022. According to a recent estimate from the investment firm Fidelity, the company's value has dropped to around $9.4 billion. This stark contrast in the fortunes of Bluesky Digital Assets Corp and X highlights the complexities and uncertainties in the tech and crypto industries.
As the landscape of these industries continues to evolve, it will be interesting to see how Bluesky Digital Assets Corp and Bluesky, the social media platform, navigate their respective paths.
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