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Elon Musk buys Twitter for $44B — Creates A Stir In The Crypto Industry

Elon Musk buys Twitter for $44B — Creates A Stir In The Crypto Industry

Twitter's board of directors approved the deal valued at $44 billion by Elon Musk, a tech wizard, on 25 April. However, they noted that they still need the approval of all stakeholders to make the decision.

There were many discussions on free speech on numerous online platforms hours before Elon Musk, the CEO of Tesla, decided to purchase the social media platform Twitter. These discussions were facilitated both inside and outside the cryptocurrency industry.

Twitter announced on 25 April that it would be a privately owned company. It did this after its board of directors approved the offer from Elon Musk to purchase the stock of Twitter for USD 54.20 per share. About 44 billion. The transaction is expected to close in the first quarter of this year. However, regulators and stockholders must approve it.

Elon Musk tweeted that he hoped his worst critics would remain on Twitter before the news about the purchase became public. He said that this was their freedom to speak freely. He said that free speech is the foundation of a functioning democracy, while Twitter is the virtual square.

Many users believe that such a multibillion-dollar purchase could have the opposite effect. Before the announcement, Angelo Carusone, president of Media Matters for America and a non-profit media watchdog, expressed his concern. He stated that Twitter would win disinformation and users who spread it while also expressing concerns about the sale. Musk could decide unilaterally to allow users previously banned for inciting hate speech.

Jackson Palmer, the co-creator of Dogecoin, a cryptocurrency based on the meme sensation Shiba dogs, called this a "hostile takeover", which Elon Musk claimed was contrary to freedom. Anthony Pompliano, the Bitcoin bull, however, congratulated Elon Musk. At the same time, BlockFi, a cryptocurrency lending company, took a comical stand by posting the mashup image of the Twitter logo with the Shiba dog in Dogecoin.

Michael Saylor, founder and CEO of MicroStrategy, resisted commenting.

Elon Musk replied to this acquisition and provided text for the United States' first amendment Constitution. He also suggested via a tweet that he supports this move. Jody Hice (a member of Congress who supported false claims of U.S. Presidential Election 2020 Fraud) also praised this transaction as a victory in favour of the first amendment.

It is unclear what the supporters of the First Amendment meant by their support for Elon Musk's purchase of Twitter. This constitutional amendment prevents Congress from passing laws that ban certain types of speech instead of limiting the private sector. The U.S. courts had previously ruled that freedom of speech doesn't incite imminent illegal actions. Twitter rules also state that users cannot incite violence against individuals or groups.

Elon Musk now has 83 million Twitter users, more than Jack Dorsey, the former CEO of Twitter. He has 6.3 million followers. This purchase has made Musk more influential on Twitter and social media. After acquiring Twitter, Elon Musk declared that he would prioritize eliminating spambots and bot armies and scammers, including those related to cryptocurrency scams.

Twitter shares currently trade at USD 51.70, i.e. It had increased by more than 32 percent within the last 30 days.