October 28 is the day Elon Musk officially takes over Twitter. The cryptocurrency community seems to be very excited about this. Is the joy justified and do you share it as well?
The beginning of a new Twitter era with Elon Musk
The saga regarding the acquisition of Twitter by billionaire Elon Musk seems to have found its finale. Recall that in the first half of this year Musk declared his intention to take over Twitter, signing a preliminary agreement on this occasion, which he later broke. This caused a stir between the commercial parties, which found its finale in court. Thus, the judge granted the request of the current owner of the platform and set a deadline for the transaction to be closed. Its date has just fallen on Friday.
It seems that Elon Musk has taken the set deadline with seriousness and is trying to make sure that it will indeed be the time for the final execution of the deal. Its total value is $44 billion, which translates into $54.2 per share.
There are also co-investors involved in the Twitter acquisition. They include venture capital firm Sequoia Capital, the Binance exchange and the Qatar Investment Authority. For the cryptocurrency community, the participation of an entity owned by Changpeng Zhao is particularly interesting here. This is because it may herald positive changes in the platform, directed precisely towards crypto.
Elon Musk’s priorities
Elon Musk has repeatedly commented on Twitter’s weaknesses and stressed that he would very much like them to be eliminated. One of them, for example, is the number of tweets related to cryptocurrency fraud. According to Musk, it should definitely decrease. So should the spam that has been flooding many accounts in recent months.
At one time he also came up with the idea of linking each post to a mandatory fee of 0.1 DOGE. However, the idea seemed absurd. Consequently, even Elon admitted that it was downright unworkable.
Twitter with a prototype cryptocurrency wallet?
Meanwhile, famous security researcher Jane Manchun Wong reported on October 25 that Twitter was working on a prototype cryptocurrency wallet that would include deposit and withdrawal of cryptocurrencies. The claim was not supported by any evidence. Nonetheless, the rumor is extremely interesting and indicative that the crypto-Twitter relationship, following Elon Musk’s acquisition of the platform, could grow significantly.
At the same time, Reuters reports that according to internal reports, Twitter is struggling to retain its most active users. We are talking about people who log on seven days a week and tweet a minimum of three times during that time. Interestingly, they account for only 10% of all monthly users. Nevertheless, their activity translates into traffic generation, which is as high as 90%.
The leading topic on the platform is expected to be cryptocurrencies during this time. Interest in news or sports drops significantly.