Elon Musk Completes Acquisition of Twitter After Avoiding Trial
After months of turmoil and the avoidance of a full-fledged trial, Elon Musk has finalized his acquisition of Twitter.
Last week, Musk successfully sealed the $44 billion deal to purchase the social media giant after enduring months of legal disputes.
By acquiring Twitter, Musk has declared his intentions, describing himself as a “free speech absolutist” with the aim to create a more open platform for diverse commentary.
However, his open stance on freedom of speech may exacerbate the persistent issues of harmful content and misinformation prevalent on Twitter, potentially impacting political debates worldwide.
Speaking about his plans, Musk emphasized the significance of an inclusive space for free speech, highlighting Twitter’s role as a digital public square where people can express themselves within legal boundaries.
Nevertheless, the atmosphere at Twitter HQ appeared different, with Musk arriving unexpectedly on Wednesday carrying a sink to symbolize the need for the message of his ownership to “sink in.” This unconventional approach aligns with Musk’s tendency for controversy.
Asserting his control, Musk swiftly terminated several top Twitter executives, including CEO Parag Agrawal, CFO Ned Segal, and Head of Legal Policy, Trust, and Safety, Vijaya Gadde, indicating his determination to steer the company’s future.
Furthermore, Musk declared his intent to reinstate former US President Donald Trump’s account, signaling his influence over product decisions and content moderation.
“Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences!” Musk assured advertisers in a tweet.
Later, he tweeted, “the bird is freed.”
However, Musk faced criticism following a tweet responding to Hillary Clinton’s post about an alleged attacker’s far-right links. Subsequently, Musk deleted the tweet after two hours, which had received 110,000 likes.
As reported by News.com.au, the outlet mentioned in Musk’s tweet has a history of publishing conspiracy theories, including one about a body double for Clinton during the 2016 election campaign.
Musk’s actions drew sharp attention from critics concerned about the future direction of Twitter under his leadership.
Moreover, Musk has been openly critical of the company and reportedly supported online attacks against individual executives. He aims to execute a financial turnaround by allegedly planning to dismiss nearly 75% of the workforce and explore new revenue streams, such as a subscription model for exclusive content from influencers.
Amidst the controversy, Musk’s takeover raises questions for blockchain enthusiasts about its implications for cryptocurrency.
Notably, Dogecoin (DOGE) investors seem most content with the acquisition.
Dogecoin, initially launched in December 2013 as a ‘joke’ based on the DOGE meme, has evolved into a genuine blockchain payment system with integrity and merit. It operates as a distributed ledger similar to Bitcoin and Ethereum, allowing peer-to-peer transactions. Initially derived from Luckycoin, which no longer exists, Dogecoin uses a POW consensus algorithm called Auxiliary Proof of Work, permitting simultaneous mining with other POW cryptocurrencies. DOGE is utilized for tipping users on Reddit and Twitter and as a payment method for various goods and services. The blockchain processes transactions faster than Bitcoin, handling around 30 transactions per second.
Why is DOGE celebrating Elon Musk’s takeover of Twitter? Musk, a significant advocate for DOGE, has consistently championed the cryptocurrency through his tweets, unintentionally making himself the face of the memecoin.
In December 2021, Musk announced Tesla’s acceptance of DOGE for merchandise, offering Cyberwhistles modeled after the Cybertruck for 1000 DOGE.
Tesla previously invested approximately $1.5 billion in Bitcoin in January 2021.
Despite his support for cryptocurrencies, Musk’s approach hasn’t always been smooth. Following environmental concerns, Tesla halted Bitcoin payments shortly after Musk’s Saturday Night Live appearance, causing a market decline. While mentioning the possibility of reconsidering Bitcoin once its mining becomes eco-friendly, Tesla sold 75% of its Bitcoin holdings at a loss in July 2022.
Read more about Tesla’s BTC holdings here and Bitcoin mining’s sustainable energy improvement here.
What’s Musk’s actual influence on DOGE? When Musk made an unsolicited offer for Twitter on April 14th amid a downtrending market, the impact on DOGE’s price was limited. Despite slight upward trends, the token fell below $0.14 by April 17th.
Despite the market’s deterioration, DOGE has experienced recent rallies, surging 100% since October 24th.
While Musk’s ownership of Twitter unintentionally benefited DOGE’s price, it could also be attributed to technical factors rather than purely fundamental narratives driving asset prices.
Referencing the chart below using Fibonacci Retracements from April’s high to June’s low, DOGE displays a clear .786 Fibonacci Retracement before its current trading price just below $0.12/USD.
While the Twitter announcement might have sparked the push, meme coins like DOGE often witness bear market rallies. Technical traders should watch for Fibonacci Levels and Elliott Wave ideas as potential indicators.
However, Musk’s Twitter acquisition could potentially have a positive impact on cryptocurrencies overall. The integration of cryptocurrency functionalities and open-source algorithms aligned with Musk’s transparency and free speech vision might benefit DOGE and the broader cryptocurrency sphere.
Twitter is rumored to be integrating cryptocurrency wallets, and Musk has hinted at enabling payments for DOGE on the platform.
Addressing his concerns about bots, Musk aims to eliminate them on Twitter, known for scamming cryptocurrency users. Despite verification measures, numerous accounts impersonate verified users, causing harm in the crypto space.
Given Musk’s success in ventures like Tesla and SpaceX, there’s hope he can innovate around blockchain technology and cryptocurrencies on Twitter.
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