Buterin has said that he is not opposed to Musk’s offer for Twitter, but a hostile purchase of a social media company may create very dangerous precedents.
Apart from igniting debate among Twitter users worldwide, Elon Musk’s plan to purchase the social media network for $43 billion in cash energized the blockchain’s billionaire club. Recently, Ethereum co-founder Vitalik Buterin made his position on the subject public.
In a tweet on Saturday, he said that although he does not oppose Elon Musk controlling Twitter, he is not a fan of rich individuals or organizations acquiring social media companies via hostile bids. He cites a morally challenged foreign government as an illustration of how the trend might go “extremely” wrong.
Additionally, Ethereum’s co-founder said that although someone with a 5% stake is ultimately weak, his potential to influence policy grows by more than tenfold when his ownership climbs to 50%, implying that this situation may be quite concerning.
Takeover by the Enemy and the Impartiality of Social Media
Buterin’s remarks come in the backdrop of Musk’s acquisition of Twitter and the company’s board of directors attempting to fend off a hostile takeover. The resulting scuffle has devolved into a discussion about free speech and the neutrality of social media platforms.
Binance CEO Changpeng Zhao (CZ) responded to Buterin’s first post by stating the “poison pill seems unjust.” “There is more than what seems on the surface,” he concluded.
The blockchain community’s interest in Elon Musk’s takeover proposal for Twitter was initially stated by Justin Sun of TRON, who proposed a 10.7 percent premium over Elon Musk’s offer of $54.20 per share. Notably, he said that he supports Musk’s reform efforts and “would love to see Twitter become crypto-native and Web3 friendly.”
To add fuel to the fire, FTX CEO Sam Bankman- Fried (SBF) has volunteered to join Musk’s Twitter if he decides to take it on-chain. He also discussed what an on-chain Twitter may look like and how it can be monetized more profitably.
To further the concept of a decentralized Twitter, regardless of whether Elon Musk’s bid is successful, Cardano creator Charles Hoskinson has pledged to develop a decentralized Twitter. Hoskinson’s promise to construct an alternative social media platform akin to Twitter elicited a range of responses from the blockchain community, with some estimating that it would take five years or more to launch.
Elon Musk made the bid to purchase Twitter public in an April 14 SEC filing. Musk had acquired approximately 70,000,000 shares in Twitter a week before, which resulted in his appointment to the company’s Board of Directors, which he refused to accept.
Both Musk and Sun think that Twitter’s full potential has yet to be realized, and they possess the vision necessary to propel this social media network to new heights of applicability and profitability.
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