Elon Musk Hints at Crypto Plans in First Twitter Meeting

Key Takeaways

  • Elon Musk held a gathering with Twitter staff in the present day to debate plans for the social community following his takeover.
  • Particularly, he mentioned plans regarding the addition of crypto funds and plans to get rid of 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 assembly with Twitter staff on Thursday. There, he mentioned his plans for cryptocurrency and different modifications following his deliberate takeover of the social community.

Musk Might Add Crypto Funds

Throughout the assembly, Musk confirmed that cryptocurrency funds are one function that may very well be added to Twitter.

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

Although Twitter added Bitcoin tipping beneath former CEO Jack Dorsey in 2021, Musk’s imaginative and prescient appears to be extra complete. Musk mentioned he would “maximize the usefulness of the service” by making “Twitter so compelling that you could’t reside with out it.” He known as funds considered one 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 an intensive plan. His earliest statements merely learn: “Perhaps even an choice to pay in Doge[coin]?”

Musk Additionally Plans to Get rid of Scams

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

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

Musk then expanded on plans which were described earlier. He goals to make Twitter’s anti-bot algorithms open to public evaluate. Moreover, he plans so as to add an elective 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 help for Musk’s Twitter takeover.

In the present day, he supplied an replace on these plans in an interview with Bloomberg. There, Zhao mentioned that his firm is following Musk’s lead in transferring ahead with the bid. “If Elon goes via 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 “slightly bit [disappointed].” He concluded: “We’re hoping to have the ability to contribute to Twitter someway.”

In Could, it was reported that Binance deliberate to offer Musk with $500 million with a view to help the Twitter buyout.

State of Deal Is Nonetheless Unsure

Even if 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 view to decide how a lot Twitter exercise is official. At the moment, he urged that he would decide to the deal provided that lower than 5% of Twitter’s accounts had been discovered to be pretend.

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

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

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

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