Elon Musk, the billionaire, has finally struck an agreement to buy Twitter. But the question on everyone’s mind is what’s the reason behind his acquisition of Twitter.
Twitter, one of the world’s largest social media platforms, announced on Monday, April 25, 2022, that it had entered a definitive agreement with billionaire Elon Musk to be acquired by him for 52.20 dollars per share in a transaction valued at about $44 million. Upon completion of the transaction, control of the social media platform will shift to Elon Musk, the world’s richest man, and Twitter will become a privately owned company.
Mr. Elon Musk is an investor, entrepreneur, and business leader. With a net worth of USD 273.6 billion, he is the world’s richest man, and he is also the founder, CEO, and Chief Engineer of SpaceX.
Elon Musk, dubbed “Dogefather,” recently purchased 9.2 percent of Twitter’s common stock share units, i.e., 73,486,938 common stock share units, in response to a Twitter poll he conducted on whether Twitter’s algorithm should be open source or not and whether Twitter strictly adheres to the principle of free speech or not. Dogecoin’s value jumped by 10% after his purchase announcement, with the price soaring from $0.143 to over $0.156 in just a few minutes.
What is the real reason for Elon Musk’s takeover of Twitter?
Musk’s decision to take control of Twitter is for various reasons. One of the most crucial reasons is the lack of complete freedom of speech on Twitter compared to other social media platforms. Musk has previously identified himself as a “free speech absolute,” he believes that free speech is the core of any functioning democracy. On taking control, he would relax content restrictions to foster free speech.
Even though Twitter has fewer active users than other social media platforms, Mr. Musk believes it has much potential compared to other social media platforms. Most celebrities, corporate executives, and politicians are pretty active on Twitter. Musk intends to improve Twitter by adding new and better features and making it open source to build user trust in the platform.
He also plans to eliminate spambots, widespread on Twitter, and authenticate individuals.
What impact will Musk’s Twitter takeover have on the crypto space?
When Elon Musk sneezes, the entire crypto world shakes. His importance in the cryptosphere cannot be overstated. The Bitcoin price fell significantly after he tweeted a breakup meme in June 2022.
He’s been known to promote certain coins indirectly, such as by providing clues about them or implicitly promoting through nice tweets.
Musk, also known as Dogefather, boosted the price of Dogecoin in 2021. Due to his support for the Token, the price of Dogecoin increased dramatically in 2021.
As a result, his acquisition of Twitter will significantly boost his influence in the Crypto world.
