TL; DR Breakdown
- Elon Musk will eliminate scam tweets if he purchases Twitter
- Musk complained about the high volume of crypto scams on Twitter
- The Crypto community has mixed reactions concerning the purchase
The news that Tesla CEO Elon Musk plans to buy Twitter is no longer rumors, with the man posting an SEC filing on the microblogging platform. However, Elon Musk has lined up some hopes for the platform if his bid succeeds. And like we all guessed, it includes something that will do good to the crypto community at large. As part of his hopes for the platform, Elon Musk has promised to drastically oversee the massive reduction of tweets with crypto scam intentions.
Musk complains about the high volume of crypto scams on Twitter
According to an interview that the Tesla boss granted, he positioned that he has the funds required to trigger the full purchase of the platform. Reportedly, Elon Musk is said to be worth more than $300 billion. Musk mentioned that the first thing he would change if the purchase goes through is the user experience, among other things. He also mentioned that he would make sure the handling of some cases regarding trending issues is steadfast.
Musk said that if he finally purchases the platform, he would provide an edit button for users who intend to make changes to their tweets. However, he positioned that such edits would have a history accessible in their history. Elon Musk also hinted at a limited permanent ban on accounts with the platform focused on free speech. However, he noted that free speech would be detailed according to the rules and regulations of the user’s respective countries.
The Crypto community has mixed reactions
The Tesla boss also mentioned that his priority would be getting rid of the automated bots that help scammers promote crypto scams on the platform. He noted that those bots are making the work of Twitter hard as he has personally seen about a 100 million crypto scam on the platform. In the filing that Musk posted on his Twitter page, he wants to purchase the remaining Twitter shares for about $54 per share.
Notably, this purchase will see a 38% premium and exclude the 9% of shares that Musk already owns in the company. Presently, a share of Twitter sells at $45, with the asset seeing a slight rise across the past month. While many have lauded the move regarding his elimination of crypto scams and promotion of free speech, others have brandished the CEO as immature.
According to the statement of an executive of Dogecoin, it will take Elon Musk some thinking with the freedom after trying to initiate a hostile takeover which will see the microblogging platform forced private. The price of Dogecoin has been unmoved in the last few days following the Tesla CEOs’ statements and actions. However, it remains unseen if Musk will be able to achieve his aim of ridding the platform of crypto scams.