Elon Musk Hints At Crypto Plans In First Twitter Meeting

Key Takeaways

  • Elon Musk held a gathering with Twitter workers immediately to debate plans for the social community following his takeover.
  • Particularly, he mentioned plans in regards to the addition of crypto funds and plans to remove crypto scams.
  • The buyout has not been finalized, however Twitter is offering Musk with information that can assist the deal transfer ahead.

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Elon Musk held his first full meeting with Twitter workers on Thursday. There, he mentioned his plans for cryptocurrency and different adjustments following his deliberate takeover of the social community.

Musk May Add Crypto Funds

Throughout the assembly, Musk confirmed that cryptocurrency funds are one characteristic that might be added to Twitter.

Musk stated that it “would make sense to combine funds into Twitter in order that it’s straightforward to ship cash backwards and forwards” and that such plans might contain “foreign money in addition to crypto.”

Although Twitter added Bitcoin tipping below former CEO Jack Dorsey in 2021, Musk’s imaginative and prescient appears to be extra complete. Musk stated he would “maximize the usefulness of the service” by making “Twitter so compelling which you could’t dwell with out it.” He known as funds one in every of three vital areas alongside information and leisure.

Musk additionally famous that “cash is basically digital at this level, and has been for some time” and drew comparisons to PayPal.

Beforehand, Musk hinted at cryptocurrency funds on Twitter however didn’t describe a radical plan. His earliest statements simply read: “Perhaps even an choice to pay in Doge[coin]?”

Musk Additionally Plans to Eradicate Scams

Exterior of cryptocurrency funds, Musk additionally famous that he goals to remove cryptocurrency scams on the social community.

“There [are] various crypto scams on Twitter,” Musk stated. “It’s gotten higher, however there’s nonetheless a good bit of that.”

Musk then expanded on plans which have been described earlier. He goals to make Twitter’s anti-bot algorithms open to public evaluate. Moreover, he plans so as to add an non-obligatory paid-tier service that people can use to show their authenticity.

Musk’s excessive standing has made him a frequent goal of impersonation by Twitter scammers. Along with having his picture utilized in common phishing makes an attempt, Musk was additionally one of many high-profile Twitter accounts hacked in an enormous crypto-related rip-off in 2020.

That assault resulted in simply $118,000 stolen however noticed over 130 accounts attacked—with harsh implications for Twitter’s integrity.

Changpeng Zhao Expresses Assist

Changpeng Zhao, CEO of the main crypto trade Binance, has additionally reiterated assist for Musk’s Twitter takeover.

Right this moment, he supplied an replace on these plans in an interview with Bloomberg. There, Zhao stated that his firm is following Musk’s lead in shifting ahead with the bid. “If Elon goes by way of with the deal we’re dedicated…if he doesn’t, we’re off.”

He added that if Musk’s Twitter buyout doesn’t succeed, Binance can be “a bit bit [disappointed].” He concluded: “We’re hoping to have the ability to contribute to Twitter one way or the other.”

In Could, it was reported that Binance deliberate to supply Musk with $500 million with a purpose to assist the Twitter buyout.

State of Deal Is Nonetheless Unsure

Although Musk and Twitter have seemingly confirmed the buyout a number of occasions, the deal has not but been finalized.

The buyout was interrupted in Could when Musk demanded information with a purpose to decide how a lot Twitter exercise is reliable. At the moment, he steered that he would decide to the deal provided that lower than 5% of Twitter’s accounts have been discovered to be faux.

On June 8, Washington Publish reported that Twitter would adjust to Musk’s calls for and supply him with a “firehose” of information. That means the deal will quickly transfer ahead.

It’s unclear whether or not there can be additional impediments to the deal. The worth of the sale is claimed to be $44 billion.

Disclosure: On the time of writing, the creator of this piece owned BTC, ETH, and different cryptocurrencies.

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