On Monday, April 25th, Twitter confirmed that it would be selling the social media platform to the world’s richest man for $46 billion. Elon Musk plans to promote free speech on the social platform and make it open-source.
The agreement between both parties took a quick turnaround. Less than two weeks ago, Twitter was adamant about selling the company to Musk. However, with the Tesla CEO offering $21 billion of his fortune, a $12.5 billion loan from Morgan Stanley, and an additional $13 billion from a financial facility managed by the same bank, the Twitter board could hardly resist the offer.
Will Twitter Acquisition by Musk Make Crypto Flourish?
Following the acquisition by Musk, crypto fans on Twitter have shared their excitement as they expect the company to up its crypto adoption game.
Elon Musk has been known as a crypto supporter since his company invested in Bitcoin last year. He also acknowledged that he holds a significant amount of Dogecoin. In 2021, several of his tweets about Dogecoin led to a rise in the asset’s value.
On Monday, the value of Dogecoin also rose by over 20% after the deal between Musk and Twitter was confirmed.
Musk will likely integrate Dogecoin payments into the platform.
In the past year, Twitter moved to integrate crypto payments and NFTs into the platform.
However, these moves have been met with little success. Users of the payment and tipping feature were not satisfied with Bitcoin being the only crypto option.
Also, Blue subscribers can only use NFT profile pictures on ios devices and only for ETH NFTs listed on OpenSea.
These restrictions have slowed down the adoption of crypto and NFTs on Twitter.
With Elon Musk now in the driving seat, we can expect more crypto tools that all can utilize to be integrated into the social platform.