Elon Musk thinks it makes sense to add crypto to Twitter
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All right, let me guess… Dogecoin?
During a general virtual meeting of Twitter employees, Elon Musk, who seeks to buy the company, said that there is logic in integrating crypto payments into the social network. His plan is to turn it into the crypto platform, it seems.
“Money is fundamentally digital at this point and has been for a while. It would make sense to integrate payments into Twitter so it’s easy to send money back and forth.”
While CoinDesk suggests Musk was talking only about cryptocurrencies, New York Times reports that he is planning to create something like Venmo or Square Cash. But based on the existing social network.
Musk also expressed his opinion regarding the future goal of the social network:
“I want Twitter to contribute to a better, long-lasting civilization where we better understand the nature of reality.”
Mr. Musk has been in talks to buy Twitter for some time. Right now, he has an agreement to purchase the company for $44 billion standing. Despite this, for the last few weeks, it was remaining on hold.
For some time, it seemed like Musk was no longer interested in acquisition. But him coming to the general meeting could mean that the billionaire is still going for it. However, it is unclear how soon the deal will come to a conclusion.
The thing is, Musk made an agreement to buy Twitter for $54.2 per share, while right now the company’s stock is worth around $37. Which seems like a major loss for the billionaire who recently suffered from Tesla's plummet. And if he refuses, the company would receive $1 billion as a breakup fee. It seems he is in quite a pickle.
In May, the billionaire suspended the purchase process due to reports of inflated social media audience numbers. During the speech, he said that the number of daily active users of Twitter should reach 1 million per day. In the first quarter, there were only 229 million.
Twitter has been trying to enter the Web 3.0 for some time. In September 2021, the social network added the ability to send Bitcoin to other users as donations. Ethereum was added to the list in February. In April, Musk said that users should be able to pay for a Twitter Blue subscription in Dogecoin.
Source: CoinDesk and New York Times
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