Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Monday, March 29, 2021

Twitter CEO Jack Dorsey's first tweet sold for $2.9 million on Sunday. The buyer said it's the Mona Lisa of tweets.

DorseyAn NFT version of Twitter CEO Jack Dorsey's first tweet sold at auction for $2.9 million. The buyer said he's valuing it like "fine art."

Hakan Estavi, chief executive at Bridge Oracle, claimed "[t]his is not just a tweet. . .I think years later people will realize the true value of this tweet, like the Mona Lisa painting." 

Dorsey's tweet—"just setting up my twttr"—was just 24 characters, which means Estavi paid more than $100,000 per character. 

This is a stark price, even in the form of an NFT. According to Tom C.W. Lin, a professor at Temple University's Beasley School of Law, "[a]n NFTs value is largely derived as a function of scarcity and speculation."

Basically, the price comes from "the combination of high demand and rarity. . ." 

The demand for Dorsey's tweet has had a slow and gradual incline. The first offer was for one dollar on December 15. After a few weeks, the offer rose to $3500, but was eventually cancelled by the bidder. 

 Dorsey plans to convert the proceeds to bitcoin and then donate it to charity. 

See Kevin Shalvey, Twitter CEO Jack Dorsey's first tweet sold for $2.9 million on Sunday. The buyer said it's the Mona Lisa of tweets., Business Insider, March 24, 2021. 

Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2021/03/twitter-ceo-jack-dorseys-first-tweet-sold-for-29-million-on-sunday-the-buyer-said-its-the-mona-lisa-.html

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