Elon Musk Hints at Crypto Plans in First Twitter Assembly

Elon Musk Hints at Crypto Plans in First Twitter Assembly

key takeaways

  • Elon Musk held a gathering with Twitter staff at present to debate plans for the social community following its acquisition.
  • Particularly, he mentioned plans associated to including crypto funds and plans to get rid of crypto scams.
  • The acquisition has not been finalized, however Twitter is offering Musk with information that can assist transfer the deal ahead.

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

Musk might add crypto funds

Throughout the assembly, Musk confirmed that cryptocurrency funds are a function that could possibly be added to Twitter.

Musk mentioned that “it might make sense to combine funds into Twitter to make it straightforward to ship cash backwards and forwards” and that such plans might contain “cash and cryptocurrencies.”

Though Twitter added Bitcoin ideas underneath former CEO Jack Dorsey in 2021, Musk’s imaginative and prescient seems to be extra complete. Musk mentioned he would “maximize the usefulness of the service” by making “Twitter so compelling you may’t stay with out it.” He known as funds one of many three crucial areas together with information and leisure.

Musk additionally famous that “cash is essentially digital proper now, and has been for some time” and drew comparisons to PayPal.

Musk beforehand hinted at cryptocurrency funds on Twitter, however didn’t define a full plan. his first statements just read: “Perhaps even an choice to pay in Doge[coin]?”

Musk additionally plans to get rid of scams

Outdoors of crypto funds, Musk additionally famous that his aim is to crack down on crypto scams on the social community.

“There [are] fairly a couple of crypto scams on Twitter,” Musk mentioned. “It is gotten higher, however there’s nonetheless a bit little bit of that.”

Musk then expanded on the plans which were outlined above. His aim is to make Twitter’s anti-bot algorithms open for public assessment. Moreover, he plans so as to add an non-obligatory paid-tier service that folks can use to show their authenticity.

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

That hack resulted in simply $118,000 being stolen, however greater than 130 accounts have been hacked, with stark implications for the integrity of Twitter.

Changpeng Zhao expresses assist

Changpeng Zhao, CEO of main cryptocurrency change Binance, has additionally reiterated his assist for Musk’s acquisition of Twitter.

In the present day, he supplied an replace on these plans in an interview with Bloomberg. There, Zhao mentioned his firm is following Musk’s result in go forward with the supply. “If Elon follows via on the deal we made…if he would not, we’re out.”

He added that if Musk’s Twitter buyout is unsuccessful, Binance can be “a bit [disappointed].” He concluded, “We hope we will contribute to Twitter indirectly.”

In Might, it was reported that Binance was planning to offer Musk with $500 million to again the Twitter buy.

The standing of the deal continues to be unsure

Regardless of Musk and Twitter seemingly confirming the acquisition a number of instances, the deal has but to be finalized.

The acquisition was halted in Might when Musk demanded information to find out how a lot Twitter exercise is legit. On the time, he recommended that he would decide to the deal provided that fewer than 5% of Twitter accounts have been discovered to be faux.

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

It’s unclear if there might be additional impediments to the deal. The worth of the sale is claimed to be $44 billion.

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

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