Elon Musk’s plan to buy the social media site for $43 billion in cash has not only sparked a heated discussion among Twitter users around the world but has also galvanized the blockchain’s billionaire club. In the most recent example, Ethereum co-founder, Vitalik Buterin has made his opinion on the matter public.
In a Saturday tweet, he stated that while he would not oppose Elon Musk owning Twitter, he does not support wealthy individuals or groups taking over social media companies through hostile bids. He argues the trend can go “extremely” wrong, giving the example of an ethically challenged foreign government.
Ethereum’s co-founder further stated that while someone with a 5% stake is ultimately weak, his capacity to affect policy increases by far more than 10x if his ownership increases to 50%, meaning that this scenario can be quite concerning.
Buterin’s comments come in the context of Musk’s bid to buy Twitter and the company’s Board’s efforts to prevent a hostile takeover. The ensuing conflict has taken the form of a discussion over free speech and the fairness of social media platforms. Binance CEO Changpeng Zhao (CZ) responded to Buterin’s first tweet by saying the “poison pill sounds unfair.” “There is more than what appears on the surface,” he concluded.
The blockchain community’s interest in Elon Musk’s takeover bid for Twitter was initially stated by TRON’s Justin Sun, who proposed a 10.7 % higher price of $60 per share than Elon Musk’s offer of $54.20. Additionally, he stated that he supports Musk’s reform initiatives and “would love to see Twitter becoming crypto-native and Web3 friendly.”
To further complicate matters, FTX CEO Sam Bankman- Fried (SBF) offered to be a part of Musk’s Twitter if he decides to go on-chain. He also sketched out what on-chain Twitter may look like and how it might be monetized for greater profit.
Whether or not Elon Musk’s bid is successful, Cardano founder Charles Hoskinson has offered to create a decentralized version of Twitter. Hoskinson’s offer to build an alternative social media platform similar to Twitter attracted a wide range of opinions from the blockchain community, with some predicting that it may take 5 years or more to go live.
Elon Musk’s attempt to buy Twitter was disclosed in an SEC filing on April 14. Musk had purchased over 70,000,000 shares in Twitter a week earlier, which resulted in his appointment to the Board of Directors, which he refused to accept. Both Musk and Sun believe that Twitter’s full potential is far from being tapped, and they have the vision to take this social media platform to the next level of application and profitability.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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