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The Crypto World Reacts to Elon Musk Buying Twitter
Elon Musk, who many believe to be the most accomplished and best entrepreneur of our generation, recently finalized a much-reported deal to take over Twitter for a reported $44 Billion. Musk’s takeover of Twitter has caused markets to move and plenty of reactions, which for Musk, isn’t anything new. In February 2021, Telsa said that it had purchased $1.5 billion in Bitcoin and intended to accept it as payment, triggering a spike in both the company’s stock and the flagship cryptocurrency. Then in May of 2021, Bitcoin dropped 20% based on Musk’s tweet about environmental concerns for Bitcoin and later bounced back after he confirmed in a Tweet, that Tesla was not selling any of their Bitcoin. His mere appearance on Saturday Night Live caused Dogecoin to move, at the speculation that he ‘might’ say something on the long-standing comedy show. Soon after the announcement that Musk and Twitter’s “definitive agreement to be bought by an entity entirely owned by Elon Musk for $54.20 per share in cash, in a transaction valued at about $44 billion,” Musk’s beloved Dogecoin surged by 30%.
Elon’s purchase of Twitter is creating massive speculation as he privatizes the social media giant. Musk has recently stated that he loved Twitter and his main reason for purchasing the platform is because he believes Twitter can be a global townhall for important conversations. As of late, many Twitter users feel censorship has kicked into full gear on the platform. ‘Musk’s Twitter’, as it is now being referred to, has sparked a global debate on the definition of free speech and censorship. Many fear ‘free speech’ will bring about hatred, bigotry, trolls, and division, while others believe it will bring a fair conversation around important topics that plague our society, not just in America, but globally. Beyond just the topic of free speech, the platform has been troubled with the problem of bots, impostor accounts, inactivity from high-profile accounts, and security issues.
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