© Reuters. Elon Musk’s takeover of Twitter and its relationship to cryptocurrencies
- Elon Musk’s acquisition of Twitter was ultimately sealed at $54.20 per share, for a total value of $44 billion.
- The Twitter deal was highly anticipated by both Musk fans and virtual assets.
- Elon Musk’s relationship with cryptocurrency dates back to February 2021, when Tesla (NASDAQ:) acquired 1.5 billion BTC.
- Musk’s frequent tweets and photos of his pet dog Floki have played a big part in the meme coin phenomenon.
- Twitter boss Jack Dorsey has played his part in integrating cryptocurrencies into the Twitter platform.
- Many expect that the presence of Elon Musk at the helm of Twitter’s affairs will give cryptocurrency more voice.
After much controversy surrounding Elon Musk’s takeover of Twitter, the deal was finally sealed. According to new reports, the Tesla CEO closed the buyout at $54.20 per share, totaling an equivalent value of $44 billion.
Reports of the deal being struck began circulating earlier this month after Musk’s legal team filed documents with attorneys for Twitter and the Securities and Exchange Commission (SEC).
The takeover deal initially struggled to cross the finish line after suffering numerous setbacks, with Elon Musk ultimately seeking to end the deal. Explaining his decision to step down, the Tesla CEO cited the number of bots on the microblogging app.
It’s worth noting that the Twitter deal was long overdue, not only by avid Musk fans, but also by those who were hoping for what it might mean for the future of virtual assets.
Elon Musk and Twitter’s relationship with digital assets
Elon Musk’s relationship with cryptocurrency dates back to February 2021, when a filing revealed that Tesla had acquired 1.5 billion bitcoins. In March 2021, Elon Musk announced that Tesla would accept BTC as payment.
The billionaire’s approach to crypto wasn’t entirely positive, however, as bitcoin payments were abandoned in the ensuing recession a few months later; Musk cited the environmental effect of BTC mining as one of the main reasons for the change.
Therefore, in January 2022, the business mogul announced that Tesla had included DOGE as a payment method. The move came after comments from Musk that suggested Doge works better than BTC as a means of payment.
It should be noted that Musk contributed significantly to the phenomenon of meme coins with his frequent tweets and memes about Dogecoin, and pictures of his pet dog Floki, ultimately leading to the birth of very popular meme coins such as BabyDoge. , Floki and Dogelon. March.
Meanwhile, Twitter’s relationship with digital assets has been cemented under former CEO Jack Dorsey, who is also a well-known advocate.
Under Dorsey’s watch, the microblogging platform has integrated Bitcoin tipping, a feature that allows users to tip BTC influencers for their content.
Earlier this year, Twitter expanded this feature to include payments. The social media giant’s efforts to integrate virtual assets also saw a collaboration with Stripe to facilitate USDC payments on the platform through Polygon.
How could the takeover benefit cryptocurrency?
Many enthusiasts believe that with Elon Musk at the helm, Twitter’s efforts to include more crypto can only get better. It appears that part of the Tesla CEO’s plans involve pursuing a more decentralized Twitter in order to increase trust and weed out spambots. This goal is generally considered to be in line with the “libertarian gospel” of cryptocurrency.
Elon Musk has previously considered incorporating Dogecoin for payments on Twitter, particularly as part of his plans to weed out bot and spam accounts.
Without a doubt, the presence of Elon Musk as the head of business at Twitter is likely to give the cryptocurrency sphere more voice on the social media site – a voice that could position the industry to demonstrate exactly why this is the future of money and payments. Musk may well be the herald that fulfills Jack Dorsey’s prophecy that BTC will become the currency of the internet.
It is clear that the cryptocurrency space will eventually dominate the internet as a payment method. Whether it’s Bitcoin or Dogecoin, the journey must first tackle the widespread adoption of cryptocurrency around the world.
on the reverse
- Despite claims that the recent acquisition could be good news for cryptocurrencies, Musk has yet to disclose any plans for digital assets, but said that it seeks to “increase trust”, make Twitter’s “open source algorithms”, defeat spambots and “authenticate all humans” after closing the deal.
Why You Should Care
Elon Musk’s actions were partly responsible for bringing the price of DOGE back to near $1 and pushing Bitcoin up from $30,000 to $60,000. With its most recent move, Twitter stocks and cryptocurrency stocks could see another bullish move.
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