Crypto World Reacts to Elon Musk Buying Twitter

Elon Musk, widely regarded as the most accomplished and best entrepreneur of our generation, recently completed a much-publicized deal to acquire Twitter for a reported $44 billion. Musk’s takeover of Twitter has caused markets to move and plenty of reactions, which for Musk isn’t anything new.

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In February of 2021, Tesla said that it had purchased $1.5 billion in Bitcoin and intended to accept it as payment, triggering a spike in both the company’s stock and the flagship cryptocurrency. Then, in May of 2021, Bitcoin dropped to 20% based on Musk’s tweet about environmental concerns for Bitcoin and later bounced back after Musk confirmed in a tweet that Tesla was not selling any of their Bitcoin. His mere appearance on Saturday Night Live sparked speculation that he might say something on the long-running comedy show. Soon after Musk’s announcement, in Twitter’s definitive agreement to be bought by an entity entirely owned by Elon Musk for $54.20 per share in cash in a transaction valued at about $44 billion, Musk’s beloved Dogecoin surged by 30%.

Elon’s purchase of Twitter is creating massive speculation as he privatises the social media giant. Musk has recently stated that he loved Twitter and his main reason for purchasing the platform is that he believes Twitter can be a global town hall for important conversations.

As of late, many Twitter users feel censorship has kicked into full gear on the platform. Musk’s Twitter, as it is now being referred to, has sparked a global debate on the definition of free speech and censorship. Many fear free speech will bring about hatred, bigotry, trolls, and division, while others believe it will bring a fair conversation around important topics that plague our society, not just in America but globally.

Beyond just the topic of free speech, the platform has been troubled by the problem of bots, imposter accounts, inactivity from high-profile accounts and security issues. Despite the high-profile acquisition, Musk has been pretty silent on his exact plan to transform the platform and keep it competitive in a very crowded social media niche, thus creating theories, reactions, and suggestions about how to improve the platform. In the crypto space, many prominent figures chimed in with their thoughts. Michael Saylor, who recently sang Elon’s praises on the Lex Friedman podcast, calling Elon the second most important person after Bitcoin, had multiple things to say about Elon and Twitter. The first tweeted out that:

Sailor then responded to Elon’s tweet in which he had tweeted:

Sailor jumped on the thread and responded with:

Micro investor Raoul Pal, who, like most, seems to have a love-hate relationship with Twitter, consistently talks about the negativity and tribalism on Twitter, yet has a tendency to go on tweet storms with his thoughts, tweet it out:

Willy Woo, who recently surpassed the coveted 1 million followers on Twitter, gave his thoughts and optimism on how to improve the platform by tweeting out:

Kathy Wood has quickly chimed in simply with a “Thank you, @elonmusk” while reposting his quoted reason for pursuing the Twitter acquisition.

Max Keiser simply retweeted a trending meme going around highlighting the hypocrisy of people’s reactions. The meme, on one hand, shows the government spending $54 trillion of taxpayer money without anyone complaining. Then, on the other hand, it shows everyone upset that Elon is not solving the world’s problems with the $44 billion of his own money that he spent to acquire Twitter.

Jack Dorsey, co-founder and former CEO of Twitter, who left to concentrate on block and cryptocurrency endeavors, possibly gave the biggest endorsement for Musk:

Finally, while Kevin O’Leary didn’t tweet out a response to the acquisition. He didn’t mince words when he had this to say about Twitter on national TV:

‘So the way I’d like to look at this is that this debate around curating content is not unique to Twitter. This is a problem for all social media platforms, and over the last decade, almost 10 years, this company’s been public, and if you compare its performance, let’s talk about investors, this is the most miserable investment you could have put your dollars into social media. It has totally lagged behind all its other competitors and never grown anywhere near as fast as Google, or Facebook, or Instagram, or even Tick Tock, which just cleaned it out almost right away in a matter of months. You have to ask yourself if the rotating suite of executives who have come through this thing and all the stock options issued over the last nine years have created virtually no value for the shareholders.

The best way to look at this is that you gave them a decade to want to get the whacking stick out and just start all over again. That’s what Elon Musk is proposing. The biggest risk for shareholders here, whether you believe in the free speech issue or not, is that if Musk goes away, then they’re back in the same miserable place they were before. You know, there’s Dante’s hell at the very bottom of that and that’s Twitter. This has been a horrific place to try and grow a business. It needs change. It needs the whacking stick. It needs everybody cleaned out of there.

And frankly, if you ask me about free speech and who should be curated, who should be curated. The reason this thing is underperformed is because they’ve tried to do this curation by cancelling voices and losing millions of followers. This is an abysmal performance.’

What do you think about Elon’s purchase of Twitter? Where do you see the platform heading?

[This article is a transcription of a video made by Only The SAVVY]

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