Elon Musk actually did. That will be about $ 44 billion Tesla– Head of the takeover of the SMS service 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 Musk’s acquisitions. On the one hand, users are hoping for more freedom of speech. This was last hit on the platform. Others fear that the self-proclaimed “King of Mars” will have a strong impact on the Twitter landscape.
The crypto community rejoices on the other hand. Opinion makers from the stage like Michael Saylor or Antony Pompliano congratulated Elon Musk on the platform, which he will soon be able to call his own. But what can the cryptocurrency expect from the new owner?
So much in advance: Not much is known about Musk’s specific plans regarding Twitter. Only a delisting of the listed company is considered safe. The acquisition is expected to be completed later this year. The Tesla boss wants to finance the takeover on the one hand from his private assets (about $ 21 billion) and from a loan on his Tesla shares (about $ 12.5 billion). The rest comes from lenders, such as Morgan Stanley.
However, previous tweets suggest how Elon Musk could restructure Twitter.
Twitter algorithm to become open source
His ambitions to make Twitter the “freedom of speech platform” should start with a publication of the algorithm. Musk had it a month ago required. It is hardly surprising that the cryptocurrency sympathizes with this idea. After all, the Bitcoin and Co. protocols follow a similar approach.
Besides will have The Tesla boss got the escalating stream of spambots under control, which is also causing headaches for the crypto community. On a regular basis, scammers use the identities of celebrities and try to steal cryptocurrencies through suspected giveaways. Elon Musk’s Twitter profile has also been misused several times for this.
Dogecoin tips coming soon?
Another logical step could be a tipping feature in Dogecoin. As you know, Elon Musk does not hide his love for memecoin, and has already accepted the cryptocurrency for merchandise from his car manufacturer Tesla.
Twitter, on the other hand, experimented with tips via Bitcoin’s Lightning network last September. This allows users to support their favorite profiles with a fee. Given the intimate relationship between Elon Musk and Dogecoin, it does not seem far to expand the feature to memecoin. Especially since there are already unofficial projects that make it possible to pay gratuity in DOGE.
Speaking of Dogecoin. Earlier, Tesla’s CEO fell with tweets to the cryptocurrency with the Shiba Inu resemblance, which repeatedly correlated strongly with the course of the memecoin. Malicious tongues then accused him of influencing the Doge course, which the regulator, in particular Securities and Exchange Commission (SEC), did not remain hidden. The US Securities and Exchange Commission even launched an investigation into the self-proclaimed “DoGFather” in March 2021. However, it had 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 had previously warned Tesla because its CEO promoted the company’s shares on Twitter. Since 2018, Musk has therefore had to have every tweet about Tesla approved by his lawyers (“Twitter Sitter”). However, the SEC lacks appropriate regulation for tweets about cryptocurrencies, explains BTC market expert Stefan Lübeck.
That Elon Musk can relatively easily publish tweets about various cryptocurrencies without having to fear legal consequences has two main reasons. On the one hand, crypto is not yet adequately regulated in the United States, which is why the SEC has little power when it comes to pumping and dumping coins.
On the other hand, Musk does not give any clear investment instructions on Twitter, it sounds from Lübeck. He, on the other hand, moves in a kind of gray zone because his posts fall under the right to freedom of expression. Could Twitter now degenerate into the billionaire’s private pump and dump platform as a result of the Tesla boss’ takeover? “Unlikely,” says Stefan Lübeck. In addition, in early March, the Biden administration called for greater crypto-regulation. By then, the behavior of pumping and dumping via Twitter should decrease.
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