Did Elon Musk Buy His Way Into Twitter For Its Crypto Project?
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Did Elon Musk Buy His Way Into Twitter For Its Crypto Project?

Did Elon Musk Buy His Way Into Twitter For Its Crypto Project?

Elon Musk bought 9.2% of Twitter, becoming the largest shareholder. But did his decision to buy the company’s cryptocurrency project impact him? Before Musk purchased his way into Twitter, he had expressed an interest in building a social network company. He also opened a poll asking if Twitter’s algorithm should remain open-sourced and advocated for more democratic and open social media. Although he is a self-described ‘absolutist in free speech,’ Musk also has many passions.

Musk is a crypto-crat, and it is not hard to see why. Today Musk is known for his work on SpaceX and Tesla, but some of the funds used to create these two successful companies came from the sale of PayPal, the “instant-digital-payment” company he helped create. Musk is a result of the decentralized digital financial movement. He has not lost sight of the digital economic revolution or the rise in crypto since then.

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Wired reported that Twitter is changing its operations, shifting away from ad revenue to the crypto and NFT market as part of its diversification strategy. According to the report, Twitter is developing a solid crypto future. Twitter Crypto is a division of the social media giant that works to increase crypto and digital assets. Although digital wallets and online cryptocurrency trading sites have to attract millions of users, Twitter has 396.5 million. Musk supports the company’s progress in crypto technology, and they are now moving quickly to embrace this trend.

Crypto to the Masses

 

In November 2021, the Twitter Crypto team was formed. A feature that allowed users to “crypto-tip,” which will enable them to receive Bitcoin through Lightning, was already released. Users could upload verified NFTs to their profile pictures. Twitter users have already uploaded NFTs and found ways to move crypto. But the Twitter Crypto team officially made them available on the platform.

Wired was informed by Esther Crawford, Twitter Crypto’s product manager, that Twitter is currently on a ” Revenue Diversification” mission. Also, they are always looking for new ways of making money. Twitter’s primary source of cash is ad-based businesses. However, it already makes a profit through NFTs and crypto features. TwitterBlue allows users access to additional NFT benefits at $2.99 per month. Tess Rinearson (also on the Twitter Crypto project) said that the company is currently exploring a ” Twittercoin” but does not have a roadmap.

Open-source algorithms and freedom of speech and creation in a free marketplace are the core values of the NFT crypto global movement. It is unlikely that anyone will ever know how much Twitter’s crypto future motivated Musk, who bought $2.9 billion of Twitter stock. However, it is improbable that Musk knew about Twitter’s crypto plans before buying.

 

Did Elon Musk Buy His Way Into Twitter For Its Crypto Project?
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