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In recent months, Mastodon, Twitter's rival, has turned down more than five investment offers from Silicon Valley venture capital companies.
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Its founder promised to preserve the nonprofit status of the social media platform.
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Mastodon, an open-source microblogging platform, was founded by Eugen Rochko in 2016.
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This comes amid concerns about Elon Musk's management of Twitter.
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Rochko told the Financial Times that he had received offers from five US-based investors for "hundreds and thousands of dollars" to support the product's rapid growth.
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He said that the platform's nonprofit status was "untouchable," adding that
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Mastodon's independence and the option of moderation across its servers were part and parcel of its appeal.
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Rochko stated that Mastodon wouldn't become everything you hate about Twitter.
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Its ability to be sold to controversial billionaires, its ability to be shut down and declared bankrupt, and other factors.