Crypto expert MartyParty has illuminated the early investment activities within Solana through a recent social media post. Of particular interest is the disclosure that Lyndon Rive, a cousin of renowned tech magnate Elon Musk, was among the initial investors in SOL, a fact that has remained relatively inconspicuous since Rive’s announcement on July 30, 2019.
Solana and Elon Musk’s Cousin, What’s The Story?
Lyndon Rive, best known as the co-founder of SolarCity and a relative of Elon Musk, has maintained a comparatively lower profile when contrasted with his more famous cousin. Despite their familial connection, Rive’s investment journey has taken a distinct path, particularly after his departure from SolarCity following its acquisition by Tesla in 2016.
In July 2019, Rive invested strategically in SOL Labs, the entity behind the SOL blockchain. The project, launched in 2018, stands out for its adoption of a Proof of Stake consensus mechanism, aligning with the growing interest in environmentally friendly blockchain technologies.
While Rive’s involvement in SOL’s Series A funding round was not a solitary landmark, it played a pivotal role in a $20 million funding round that kickstarted the project. Subsequent contributions from entities like CoinList and MXC Exchange further bolstered Solana’s growth, collectively raising an additional $40 million.
The connection between Rive’s investment in Solana and Musk’s position on SOL remains enigmatic. Elon Musk is renowned for his vocal support of Dogecoin, often expressing his endorsement of the meme coin. Additionally, Tesla, under Musk’s leadership, incorporated Bitcoin into its corporate balance sheet.
However, Musk has never publicly mentioned Solana. Notably, after Tesla suspended Bitcoin payments in May 2021, citing environmental concerns, the Solana Foundation reached out to Musk via Twitter, declaring, “DMs are open.” Musk never responded publicly, suggesting that there is no established link between Musk and Solana despite his cousin’s investment.
The intrigue deepens with the parallel choices of Musk and Solana’s co-founder, Anatoly Yakovenko, both favoring the Rust programming language for their respective projects, xAI and SOL. xAI’s recent announcement praises Rust for its robustness and reliability, critical attributes for scalable and maintainable infrastructure. Noted crypto expert Joe McCann remarked, “Elon Musk chooses Rust for xAI. Anatoly Yakovenko chose Rust for Solana.”
In conclusion, while Lyndon Rive’s early investment in Solana is a noteworthy chapter in the platform’s history, the extent of his influence or any indirect connection to Elon Musk remains speculative. Nevertheless, it is a story worth keeping in mind.
As of the latest update, SOL was trading just below $40 and undergoing a retest following a breakout from the trading range subsequent to the FTX crash last week. A daily close above $38.76 is important in establishing a new trading range and potentially targeting the 1,618 Fibonacci extension level at $57.85.