Elon Musk has made many previous attempts to buy Twitter. Yet he’s just recently acted on his wishes, leaving us wondering what he’ll do with the social media platform from now on.
Elon Musk’s purchase, which concluded on the 27th night of October, may affect not only the staff behind this platform but also millions of users. Elon Musk has always advocated for “free speech”, so he stressed his goal was to bolster it and work to unlock Twitter’s “extraordinary potential”. He said he’ll reconsider the app’s approach to permanent bans and content moderation and make it a goal to remove bots from the platform.
During Tesla’s (TSLA) earnings call last week, Musk stated that, while sealing the $44 billion deal meant “overpaying” for Twitter, he believes the social platform’s long-term potential is many times greater than its present worth. He said that he feels Twitter has lurched for a long time but has enormous potential.
Keep reading this article if you’re curious if Musk’s move can be a shift in content moderation, how his tweets impact crypto, and more.
Can Musk deliver on his promise of more free speech?
If Musk decides to increase cryptocurrency’s prominence on Twitter, there are some options. Spam and bots on Twitter are major inconveniences for Musk, and they contributed to a heated court fight that might have jeopardised his takeover of the firm. The problem is especially important in cryptocurrency, as spam accounts imitate notable individuals like Musk to propagate fraud, including false cryptocurrency giveaways. However, some cryptocurrency enthusiasts feel that adopting blockchain might help minimise Twitter bots. An NFT passport or a blockchain-based identity verification tool might be a solution for pushing Musk’s objective of “authenticating all actual persons” on Twitter.
Musk says he’s passionate about free speech and plans to fight for his company’s lifelong bans on users. Many crypto enthusiasts who are committed to the decentralised ethos advocated by blockchain share these beliefs. They believe that important choices about how a network is administered should not be made by a single company. While Tesla’s CEO may adopt a token-based voting mechanism that gives people greater control over what occurs in his newly acquired company, it’s crucial to remember that his prospective adoption of crypto is a double-edged sword. While additional crypto components on Twitter may increase the popular use of crypto-assets, it will further concentrate Musk’s power over an industry that many wish to be as decentralised as possible.
Is Musk’s move impacting cryptocurrency?
The crypto market moves in lockstep with Elon Musk’s tweets. The billionaire’s posts are making the BTC coin price fluctuate a lot, and now that he’s the owner of Twitter, who knows where the prices will go in the future? Musk’s tweets have been impacting significantly the crypto market, which was already highly volatile. They also throw into question the stability of a market that is so volatile, particularly as individual investors rush into cryptocurrencies.
Twitter’s new CEO has also given new life to Dogecoin, the parody cryptocurrency he popularised. After the $44 billion deal was done, the price of Dogecoin doubled. On Oct. 27, it was selling for around $0.07 before Musk tweeted, “The bird is liberated”, to indicate his ownership.
Clearly, if you make a crypto investment now, you must check cryptocurrencies’ price charts and keep up-to-date with momentous price fluctuations. It’s important to be patient and use common sense when you’re in a bear market. Whether you want to trade right now or hold assets in your portfolio for long-term returns, you must be aware of the risks involved, particularly at the time of acquisition.
Did Elon Musk buy Twitter for humanitarian reasons?
Elon Musk claims that he is purchasing Twitter to benefit mankind, not make more money, as he outlines his plans to take over the social media network. You can view his acquisition as the most important development for social media for a while now. The billionaire is a polarising figure, and his fans consider his move to be brilliant.
Others criticise him for giving a voice to ill-intended people and for his recent layoffs. However, the Twitter creators’ point of view is important and should be considered. Chris Wilson, one of the creators, said he thinks Musk’s move is positive because he’s already changed the world for the better. In his view, making Mars habitable and saving the environment from gas pollution show the current CEO’s will to improve humanity.
Ashley Newman, another creator, said she had a hope: that Musk would bring back Vine. Bri Ward hopes that social media becomes a more loving and less hateful place and that Twitter will support creators.
However, some voices aren’t backing up Elon’s move. For example, G4rnish stated that Tesla’s CEO rushed into buying the company and that it might prove a failure that can negatively impact his car company, too. Similarly, Aidan Rhys Langford said that, in her opinion, Twitter is about to have problems. According to Aidan, the move might affect thousands of Twitter employees, as almost half of them have been laid off, and also pose threats like potentially dangerous tweets.
Can the move be a shift in content moderation?
For years, Jack Dorsey, former CEO and Twitter co-founder, stressed the platform’s efforts to promote “healthy conversations”. The corporation removed several accounts that promoted spam and abuse, prohibited transgender people from being misgendered, and added labels for misleading or inaccurate information.
According to safety experts, under Musk’s ownership, Twitter might reverse moves to make the network more appealing to its most vulnerable users, generally women, members of the LGBTQ community, and people of colour.
Musk has stated that Twitter will have more relaxed content control measures under his administration. He’d advise leaving the tweet alone if there’s a grey area.
Despite his vows to eliminate content regulation, Musk attempted to reassure advertisers that he does not intend to convert the site into a “free-for-all hellscape.”
As one of the most powerful social media advocates, Tesla’s CEO must live up to Twitter users’ expectations and ensure his newly acquired company stops bullying, threats and similar harmful behaviours, and promotes love and respect instead.