In addition to sparking lively discussions among Twitter users around the world, Elon Musk’s bid for the social media platform’s acquisition for $43 billion cash has also galvanized the billionaire club of blockchain. The latest news is that Vitalik Buterin, Ethereum’s co-founder, has spoken out on the matter.
He tweeted Saturday that he didn’t support Elon Musk running Twitter but that he did not approve of wealthy individuals or organizations buying social media companies through hostile bids. He cites the example of a foreign government that is ethically challenged as an example.
While I don’t have anything against Elon running Twitter (at least when compared to the status quo), I disagree with the generalized enthusiasm for wealthy individuals/organizes hostile-takeovering media companies. This could easily go terribly wrong (e.g. imagine an ethically-challenged foreign gov doing it) https://t.co/LDqjXh3xCK
— vitalik.eth (@VitalikButerin) April 15, 2022
The co-founder of Ethereum also stated that a person with a 5% stake in Ethereum is eventually weak. However, his ability to influence policy changes by more than 10x increases if he has 50% ownership. This suggests that this scenario could be very worrying.
Hostile Takeovers and Social Media’s Independence
Buterin’s comments were made in relation to Musk’s attempt at acquiring Twitter and the Board’s efforts to prevent a hostile takeover. The result has been a heated debate about social media impartiality and free speech.
Changpeng Zhao, Binance CEO (CZ), responded to Buterin’s initial tweet by saying that the “poison pills” sound unfair. He then concluded by saying, “There is more than what’s visible.”
Sun, SBF and Hoskinson embrace the idea of decentralized Twitter
Justin Sun of TRON expressed the interest in Elon Musk’s takeover offer for Twitter. He offered a $10.7% higher price of $60 per share than Elon Musk’s $54.20. He stated that he supported the reforms of Musk and said that he would love to see Twitter become crypto-native as well as Web3 friendly.
To add to the debate, FTX CEO Sam Bankman Fried (SBF), offered to join Musk’s Twitter if he plans to take it on-chain. He also shared an example of how on-chain Twitter could look and how it can monetized for better profit.
Charles Hoskinson, Cardano founder, offered to create a decentralized version of Twitter. Hoskinson’s proposal to create an alternative social media to Twitter drew all kinds of reactions from the blockchain community. Some said it could take five years to get on stream.
In an SEC filing, Elon Musk offered to buy Twitter. Musk purchased more than 70,000,000 Twitter shares a week before, which resulted in his appointment to the Board of Directors. Musk refused to accept.
Musk and Sun both believe Twitter’s potential is not fully tapped. They have the vision to take the social media platform to new heights of profitability and application.
Marla Brooks – Financial Analysis
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