Elon Musk did. The will be about 44 billion US dollars You’re here– Head of Short Message Service Recovery Twitter Pay. That makes the 50-year-old an influential media mogul – after all, the social network currently has 217 million users worldwide. They are ambivalent about the acquisition of Musk. On the one hand, users are hoping for more freedom of expression. This was last affected on the platform. Others worry that the self-proclaimed “King of Mars” has a strong influence on the Twitter landscape.
The crypto community, on the other hand, applauds. Opinion leaders on the scene like Michael Saylor or Antoine Pompliano praised Elon Musk for the platform he can soon call his own. But what can the crypto space expect from the new owner?
So much in advance: Not much is known about Musk’s specific plans regarding Twitter. Only delisting from the listed company is considered safe. The acquisition is expected to be finalized later this year. The Tesla boss wants to fund the buyout partly from his private assets (around US$21 billion) and a loan from his Tesla shares (around US$12.5 billion). The rest comes from lenders, such as Morgan Stanley.
However, previous tweets suggest how Elon Musk could restructure Twitter.
Twitter’s algorithm will become open source
His ambitions to make Twitter the “free speech platform” should start with a release of the algorithm. Musk had this a month ago mandatory. It’s no surprise that the crypto space sympathizes with this idea. After all, the Bitcoin and Co. protocols follow a similar approach.
besides want to the Tesla boss has brought the growing flood of spambots under control, which is also causing headaches for the crypto community. At regular intervals, scammers use the identities of famous people and attempt to steal cryptocurrencies through so-called giveaways. Elon Musk’s Twitter profile has also been repeatedly used for this.
Dogecoin Cheats Coming Soon?
Another logical step could be a tipping feature in Dogecoin. As we know, Elon Musk does not hide his love for the memecoin and has already accepted the cryptocurrency for the goods of his car manufacturer Tesla.
Twitter, on the other hand, experimented with advice via Bitcoin’s Lightning Network in September last year. This allows users to support their preferred profiles for a fee. Considering the intimate relationship between Elon Musk and Dogecoin, extending the feature to the samecoin doesn’t seem far-fetched. Especially since there are already unofficial projects that allow tipping in DOGE.
Speaking of Dogecoin. In the past, the CEO of Tesla has fallen with tweet to cryptocurrency with the likeness of Shiba Inu, which was repeatedly strongly correlated with the price of memecoin. Malicious tongues then accused him of influencing the course of the Doge, that the regulatory authority, in particular the Securities and Exchange Commission (SEC), not remained hidden. The United States Securities and Exchange Commission even launched an investigation into the self-proclaimed “DoGFather” in March 2021. However, there were no consequences for Musk.
Will Twitter become Musk’s personal Pump & Dump platform?
This is not the first dispute between the billionaire and the SEC. The authority previously warned Tesla because its CEO was promoting the company’s stock on Twitter. Since 2018, Musk has had to have every tweet about Tesla approved by his lawyers (“Twitter Sitter”). However, the SEC lacks proper regulation for cryptocurrency tweets, says BTC market expert Stefan Lübeck.
The fact that Elon Musk can post tweets about various cryptocurrencies relatively unhindered without having to fear legal consequences has two main reasons. For one thing, crypto is not yet sufficiently regulated in the US, which is why the SEC has little power when it comes to coin pumping and dumping.
In contrast, Musk does not give any clear investment instructions on Twitter, according to Lübeck. It evolves rather in a kind of gray area because its messages fall under the right to freedom of expression. Could Twitter now escalate into a private billionaire pump-and-dump platform following the Tesla boss’s takeover? “Not likely,” says Stefan Lübeck. Additionally, in early March, the Biden administration called for major crypto regulation. By then at the latest, the behavior of pumping and dumping via Twitter should decrease.
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