Justin Sun, the founder of TRON and current CEO of BitTorrent, plans a $ 20 million airdrop and a Tesla giveaway. While cash airdrops are generally well received by the crypto community, many have raised questions about the tax responsibility of moving.
Justin Sun plans to give away $ 20 million in cash and a free Tesla
The tech entrepreneur recently took to Twitter to express his excitement over TRON’s successful acquisition of BitTorrent and partnering with Tether to launch a stablecoin based on TRON.
To celebrate the success of #BTT & # USDT– # TRON, I’m planning a $ 20 million free cash airdrop. Good news – bad news – I can choose to give away more! First I will randomly get 1 winner for a #Tesla until March 27th. Choose! To apply, follow me and RT on this tweet! Easy! #Blockchain pic.twitter.com/wFyzwtB3ur
– Justin Sun (@justinsuntron) March 12, 2019
Justin Sun, a rising star in the crypto industry, has ambitious plans to make his company a “household name”. The crypto entrepreneur took to Twitter on March 12 to announce that it will host a $ 20 million airdrop.
“To celebrate the success of BitTorrent Token & Tether – TRON, I am planning a free airdrop of USD 20 million. Good news – it’s coming, bad news – I might decide to give away more! “Sun wrote on his Twitter account.
In addition to the $ 20 million, Sun will also be giving away a free Tesla to its supporters.
To be eligible for both the Airdrop and Tesla giveaway, Sun is asking people to retweet his post and follow it through March 27th. The incredible attention Sun’s announcement received on Twitter could dramatically increase its Twitter fan base, which is currently over 972,000.
Sun’s attempt to increase TRON’s popularity could cost the company
Sun, a Chinese, also warned that he might choose to give away more money. Despite its willingness to share some of the company’s success, Sun did not reveal details of how the $ 20 million would be distributed.
Even so, as of press time, his tweet had received more than 41,000 retweets and many crypto investors and small traders were really excited about Sun’s gesture.
It’s only a matter of time before Sun surpasses 1 million followers on Twitter. His aggressive advertising, which includes sponsoring tweets and promoting his profile, has helped him build an amazing following in no time. Sun even ditched Vitalik Buterin, the co-founder of Ethereum – TRON’s main competitor – saying it took Buterin six years to build what TRON did in months.
And while Sun’s tactics will make him one of the most famous personalities on Twitter, many have raised the question of whether his generous freebies are actually hurting his business. TRX air drops have proven to be a great success with its customers and have helped increase the number of coins active in the market.
However, flushing tens of millions of fiat currencies out of the company would drain TRON of the liquidity it needs to sustain its ambitious growth plan.
While the rest of the crypto industry is excited to see who will be the next winner of Sun’s luxury gifts, we’ll be watching closely how a $ 20 million cash shortage will affect the company over the long term.
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