The affirmation was made on a conference call with lenders, including Morgan Stanley, Bank of America, and Barclays, who have each committed to lending Musk $2.5 billion for the Twitter acquisition.
According to sources in Bloomberg on Monday, a total of around $13 billion has been pledged by Musk’s seven financial partners.
Another significant investor in the acquisition is Binance, which has committed $500 million. The Qatar Investment Authority and Sequoia Capital, a venture capital company with a solid track record of blockchain investments and cryptocurrency support, are among the other Twitter investors backing Musk.
How does Musk want to use Twitter?
Musk has been open about his intentions to redesign the social networking site and create it in his own image. The vocal agitator has previously referred to himself as a “free speech absolutist,” implying a decrease in the need for moderators. Users of Twitter were also surveyed by Musk about the likelihood of platform improvements, such as the addition of an edit button.
Musk said that Twitter could develop into a medium for free expression at a TED Talk in April.
I believe it’s crucial that there be a welcoming environment for free expression, added Musk. Twitter has taken over as the official town square.
The moderators on Twitter have long felt that under Musk, their careers may be in jeopardy. His ideas are far more radical than previously believed, according to a piece published in The Washington Post on October 20.
According to current speculation, Musk wants to reduce Twitter’s 7,500-person employment by 75%, leaving just a tiny workforce of roughly 2,000.
With such a drastically decreased staff, doubts about Musk’s ability to fix Twitter’s long-standing problems are raised.
Twitter’s Serious Bot Issue
Bots are one of Twitter’s most harmful issues, which is no secret. Prior to ultimately altering his mind, Musk himself mentioned the problem as a justification for walking away from the agreement (again).
BeInCrypto previously revealed that Musk considers scam bots to be pervasive and especially annoying.
“They [scam bots] significantly worsen the product. We’d have 100 billion Dogecoins if I had one for each cryptocurrency fraud I saw, said Musk.
Scammers often target the fans of prominent crypto figures, such as Binance CEO Changpeng Zhao (CZ). CZ often receives a large number of scam responses to his posts, but he is not the only one. Jimmy Song, a Bitcoin maximalist, has got up to 40 bot answers to one of his tweets inside the first minute.
Whether Musk can address Twitter’s bot problems while reducing employee expenses is the question.
Elon Musk Adores Dogecoin A Lot
Elon adores Dogecoin and recently praised its potential as a currency in May of this year.
Musk once even thought about integrating Dogecoin into the Twitter ecosystem. During the discovery process of his most recent legal dispute with Twitter, this information became widely known.
Musk said in a communication obtained by TechCrunch in September, “I have a concept for a blockchain social media system that performs both payments and brief text messages/links like Twitter. To register your message in the chain, you must pay a little fee, which will eliminate the large majority of spam and bots. Since there is no throat to block, free expression is assured.
Musk thought about another choice before sending a message to The Boring Company’s president, Steve Davis.
A blockchain-based version of Twitter called “My Plan B” embeds “tweets” in the transaction of comments. Therefore, you could have to pay 0.1 Doge for each remark you make or repost, stated Musk.
Musk ultimately dropped the idea since it wasn’t feasible, but there may be other ways he might try to integrate his preferred cryptocurrency into the system.
One approach to do this may be to provide a premium version of Twitter or implement a tipping system. Nothing suggests that one of these options is being seriously examined at this time.
The complex relationship between cryptocurrency and social media
The connection between cryptocurrencies and social media platforms has not always been warm.
Facebook implemented a comprehensive prohibition on all forms of cryptocurrency advertising in 2019, while YouTube has a history of banning or blocking influencers, like Anthony Pompliano, whose material the platform has deemed to be “harmful and dangerous.”
Although it recounts the historical challenges that crypto has encountered, both sites seem to have softened their positions more lately.
Proponents of the cryptocurrency may aspire for a more positive attitude toward the community as a whole if a Dogecoin-friendly Musk controls Twitter (with a little assistance from business insiders). It’s another issue completely if that optimism of anticipation meets the truth.