Key points to remember
- Elon Musk held a meeting with Twitter employees today to discuss the social network’s plans after its takeover.
- Specifically, he discussed plans regarding the addition of crypto payments and plans to eliminate crypto scams.
- The takeover has not been finalized, but Twitter is providing Musk with data that will help move the deal forward.
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Elon Musk held his first full meeting with Twitter employees on Thursday. There, he discussed his cryptocurrency plans and other changes following his planned takeover of the social network.
Musk could add crypto payments
During the meeting, Musk confirmed that cryptocurrency payments are a feature that could be added to Twitter.
Musk said it “would make sense to integrate payments into Twitter so it’s easy to send money back and forth” and that such plans could involve “currency as well as crypto.”
Although Twitter added bitcoin tipping under former CEO Jack Dorsey in 2021, Musk’s view appears to be more comprehensive. Musk said he would “maximize the usefulness of the service” by making “Twitter so compelling you can’t live without it.” He called payments one of three critical areas alongside news and entertainment.
Musk also noted that “money is fundamentally digital at this point, and has been for some time” and drew comparisons to PayPal.
Previously, Musk hinted at cryptocurrency payments on Twitter but didn’t outline an in-depth plan. His first statements just read: “Maybe even an option to pay in Doge[coin]?”
Musk also plans to eliminate scams
Apart from cryptocurrency payments, Musk also noted that he aims to eliminate cryptocurrency scams on the social network.
“The [are] quite a few crypto scams on Twitter,” Musk said. “It’s gotten better, but there’s still a lot of that.”
Musk then developed the plans that were previously described. It aims to make Twitter’s anti-bot algorithms open to public scrutiny. Additionally, it plans to add an optional paid service that individuals can use to prove their authenticity.
Musk’s high status has made him a frequent target of impersonation by Twitter scammers. Along with having his image used in regular phishing attempts, Musk was also one of the high-profile Twitter accounts hacked in a massive crypto-related scam in 2020.
This attack resulted in the theft of only $118,000, but more than 130 accounts were attacked, which has serious consequences for the integrity of Twitter.
Changpeng Zhao expresses support
Changpeng Zhao, CEO of major crypto exchange Binance, also reiterated his support for Musk’s takeover of Twitter.
Today he provided an update on those plans in an interview with Bloomberg. There, Zhao said his company was following Musk’s lead in moving forward with the offer. “If Elon sticks to the deal we made…if he doesn’t, we’re leaving.”
He added that if Musk’s takeover of Twitter isn’t successful, Binance would be “a bit [disappointed].” He concluded, “We hope we can contribute to Twitter in some way.”
In May, it was reported that Binance planned to provide Musk with $500 million to back the takeover of Twitter.
The status of the agreement is still uncertain
Despite Musk and Twitter seemingly confirming the takeover multiple times, the deal has yet to be finalized.
The buyout was halted in May when Musk requested data to determine how legitimate Twitter activity is. At the time, he suggested he would only commit to the deal if less than 5% of Twitter accounts were found to be fake.
On June 8, The Washington Post reported that Twitter would comply with Musk’s demands and provide him with a “firehose” of data. This suggests that the deal will soon go ahead.
It’s unclear if there will be any other hurdles to the deal. The value of the sale would be $44 billion.
Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and other cryptocurrencies.
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