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Billionaire Elon Musk completes his takeover of Twitter, according to US media sources. He immediately Tweeted, "the bird is freed," and then sacked several top executives, including the boss Parag Agrawal. Twitter has yet to confirm the deal, but according to the BBC, an investor told them it was completed. The right wing of US politics celebrated the sacking of chief executive Agrawal, whom they saw as a liberal who was curtailing free speech.
In addition to Agrawal, Ned Segal, the chief financial officer, and the firm's top legal and policy executive, Vijaya Gadde, are no longer employed by the company. Agrawal and Segal were immediately escorted from the San Francisco offices. Twitter's chairman, Bret Taylor, also announced his leaving on LinkedIn.
The New York Stock Exchange announced that they suspended trading in Twitter's shares.
A week ago, mainstream media reported that Musk intends to cut around 75% of the workforce at Twitter. The story, which initially broke in The Washington Post, claimed that documents uncovered by the newspaper demonstrated that the workforce would be cut from 7,500 to around 2,000.
Many people exclaimed that this massive reduction in staff would make controlling the content of the social media site impossible. The Washington Post further said that with or without the deal, the current management planned to cut the payroll by around $800 million.
However, it appears that Musk has done a U-turn on the staff reductions. Bloomberg reported that the entrepreneur, Tesla, and SpaceX founder had denied the figures while addressing the staff in the Twitter Office.
Dogecoin, the popular meme coin, surged by 35% in the last four days following the news of the deal's completion. Musk's online statements have consistently influenced the price of the tokens. For example, in May 2022, he Tweeted that merchandise for SpaceX would soon be available for purchase using Dogecoin. The statement saw an immediate jump of 10% in the hours following that news.
This latest price surge in Dogecoin always coincides with a rumor that Twitter is pushing ahead with its own crypto wallet. On October 25th well-known blogger Jane Manchun Wong Tweeted that Twitter is working on a wallet prototype.
Many feel that this deal is arguably the world's most expensive vanity project, and Musk certainly has the ego to match these claims. Additionally, Musk claims that it is all about free speech. However, his record suggests that he supports his version of freedom of expression.
Taking to Twitter again this week, Musk said, "There has been much speculation about why I bought Twitter, and what I think about advertising. Most of it has been wrong." He claimed he was buying the platform for the "future of civilization," to preserve a "common digital town square." He continued that he wants people to express their opinions without violence. Furthermore, he doesn't want Twitter splintering into "far right-wing and far left-wing echo chambers."
Whether this can be achieved with less regulation remains to be seen.
Musk has continually discussed his desire to build X, an "everything app." The idea of an app for everything is heavily influenced by the Chinese platform WeChat. WeChat is a do-everything application. Its 1 billion daily users use it for messaging, video chatting, gaming, banking, photo sharing, ride services, food delivery, and shopping. Musk claims that the Twitter purchase will move his idea of this three years closer to reality.
On Thursday US lawmakers agreed on new rules for stablecoins. This comes as the UK gets another new Prime Minister; Rishi Sunak has already declared that he wants to make the UK a crypto hub.
The Meta boss faces growing demands to focus less on the Metaverse as the company sees earnings 52% down in the first quarter. The company which owns Facebook, WhatsApp and Instagram is rapidly losing younger customers to Tik Tok.
CEO Sam Bankman-Fried says that FTX is ready to launch its own stablecoin. In a video on social media, SBF stated, “We know how to do it,” he continued, “I think you’ll probably be hearing something from us on that topic in the not too distant future.”
Google is offering a fully managed service called Blockchain Node Engine. The service will include features like their “Cloud Armor” to prevent denial of service (DDos) attacks.
DEC raises $9 million in seed funding to build an app to rival Uber. Vitalik Buterin talked about the possibilities of doing this years ago. Now, it seems that DEC has found the right model.
Fidelity, the financial services behemoth, says that more institutions are now investing in Crypto, despite the downturn in the market. The survey covered 1,052 institutions from across the USA, Europe and Asia.
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The much talked about Polygon MATIC cryptocurrency platform is directed and discussed to provide a thorough guide to this relatively new kid on the block
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