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Malaysian CEO buys the first tweet in the world

Written by: Bernie Yeo | 24 Mar 2021 16:35
Image from CNBC
Written by:
24 Mar 2021 16:35
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Malaysia is back in the global limelight again after a businessman based here spent a ridiculous amount of money to buy something that most would think is valueless.

What did he buy? He bought the first tweet in the world for a whopping RM11.9 mil.

While very little is known about him, Sina Estavi is widely reported to be the chief operating officer (CEO) of blockchain company Bridge Oracle that is headquartered at Puncak Prima Condominium in Sri Hartamas, Kuala Lumpur.

According to Bloomberg, Estavi bought Twitter co-founder Jack Dorsey's first tweet – "just setting up my twttr" – for US$2.9 mil (approximately RM11.9 mil).

Dorsey had on 5 March announced that he was selling his first tweet — which is also the first tweet in the world — as a non-fungible token (NFT). He promised to donate proceeds he received from the sale to people impacted by COVID-19 in Africa.

An NFT is a unique digital asset that is stored on a digital ledger, also known as the blockchain.

An NFT can be a .jpg file, or a .gif, .doc, .ai, .psd, .pdf, and .mov file. The original maker of the digital asset can sell their work as an NFT on the blockchain and make money once someone buys it with cryptocurrency.

In Estavi and Dorsey's case, the Malaysia-based CEO bought the ownership of the first tweet in the world, while Dorsey lost ownership of his first tweet.

It might sound strange because the tweet is still publicly shown on Twitter with Dorsey's handle stamped on it, but on the blockchain, everyone in the world can verify that the tweet belongs to Estavi.

Commenting about his purchase after the trade, Estavi said, "This is not just a tweet! I think years later people will realise the true value of this tweet, like the Mona Lisa painting."

The tweet was purchased with cryptocurrency Ether at 1,630.58 ETH.

Dorsey received 95% of the proceeds of the primary sale, while Cent — the operator of the auction website — received 5%, reported Reuters.

Dorsey then converted the proceeds from Ether to Bitcoin, and donated 50.875 Bitcoins to non-governmental organisation GiveDirectly as promised.

 

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