Collection of Crypto Community Responses to Elon Musk’s Bid to Buy Twitter

The board of directors of Twitter does not see the offer to buy favourablyElon MuskCEO of You are hereand would prepare a “poison pill” defense strategy that would prevent a hostile takeover.

Elon Musk. Source: video recording, TED/Youtube

One of the options the board of directors is considering to prevent Elon Musk from taking over Twitter is a plan that allows existing shareholders to buy more shares at a discounted price. The result would be a dilution of the interest of the party deemed “hostile”. Another option considered would be to qualify the bid as too low.

The information was obtained by Bloomberg, citing anonymous sources “with knowledge of the file”.

According to these sources, Twitter’s board of directors could announce its decision later in the day on Friday.

The information is important as: Jack Dorseythe former CEO of Twitter who has greet Musk’s interest in Twitter earlier this month remains on the company’s board until his expected departure later in the year.

Musk and Dorsey have views on free speech and the role of Bitcoin (BTC) and cryptocurrencies that – at least to some extent – agree.

So far, at least one major investor in Twitter, the Saudi investment conglomerate Kingdom holding companycontrolled by the prince Alwaleed bin Talalrejected the offer, saying it does not represent “the intrinsic value” of the company.

The comment, which was posted to Twitter, quickly received a response from Musk:

Free speech, but without the crypto scam

During an onstage interview Thursday at TED2022 in Vancouver, Canada, Musk said he wanted to make Twitter “an inclusive arena for free speech”, while pointing out that free speech has become too restrictive on Twitter of late. .

Musk explained, “A good sign of whether speaking is free is this: Can someone you don’t like say something you don’t like? If so, then we have freedom of speech.”

Musk also said that “spam and scams” should be filtered out.

“If I had received one dogecoin for every crypto scam I saw, we would have 100 billion dogecoins,” Musk said.

A “white knight” to the rescue?

Still, it seems Musk isn’t the only one looking to take over Twitter.

According to the New York Post, the private equity giant Thomas Bravo is also considering an offer on Twitter.

“They are doing their best,” said the source of the investment company, which already owns a number of other technology companies, such as IT security company McAfee and the software company landesque

According to one of the sources, Thoma Bravo and his CEO Parag Argawallooking for ways to avoid a Musk takeover.

According to the article in the New York Post, the amount of Thoma Bravo’s offer for the company and when it could take place is not yet known.

Twitter could become “a payment company”

In an interview with CNBC on Thursday, Jack MallersCEO of Bitcoin payment app, Strikesaid he was in favor of the surgery.

He noted that Musk now has the option to turn Twitter into a “payment company” and said it would “have a lot of advantages over established companies like Pursuit

“If I were Elon Musk and had a global audience and a global network on Twitter […]What would stop me from allowing Twitter users to checkout at Starbucks, what would stop me from allowing users to transfer money through Twitter? It has the ability to create payment experiences,” said Mallers.

Meanwhile, the popular economist and crypto trader Alex Kruger said in a tweet that it is “crystal clear” that the board of Twitter must accept the offer.

Similarly, Ben DiFrancescofounder of the crypto engineering consultancy ScopeLifthas explained that he viewed Musk’s offer as highly beneficial to shareholders.”

“The only reason for refusing is a diligent commitment to censorship. If censorship runs the business, just shut it down,” DiFrancesco wrote on Twitter.

Others, including: Jackson Palmerthe co-creator of Musk’s favorite cryptocurrency, Dogecoin, has made it clear that they are not in favor of Musk’s takeover bid.

“It takes quite a bit of awe-inspiring mental gymnastics to give any sort of ‘freedom’ to the world’s richest man initiating a hostile takeover and forcing the privatization of one of the largest public social media platforms,” ​​it said. explained Palmer, who has? distanced himself last year with the crypto community he was once a part of.

Finally, according to Sam Bankman FriedCEO of the crypto exchange FTXa decentralized version of the social network could be an alternative solution to the question of the degree of moderation needed on social media.

“Tweets go to the channel, encrypted; the sender chooses who can access them,” Bankman-Fried wrote. He adds that the model can also be monetized and non-fungible tokens (NFTs), payments and even Dogecoin can be integrated on-chain.

It would be “difficult, but not that hard” to build, the exchange’s CEO said.

After yesterday’s offer, Twitter shares fell 1.7%. The price drop is said to reflect the market’s view that the deal may not go through, following rumors of resistance from Twitter’s board of directors.

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