Author: Terry / Source: Vernacular Blockchain
Author | Terry
Produced | Vernacular Blockchain (ID: helloBTC)
On April 26, 2020 , Twitter and Elon Musk entered into a definitive acquisition agreement to be acquired by an entity wholly owned by Elon Musk for $54.20 per share, in a transaction valued at approximately $44 billion. Upon completion of the transaction, Twitter will become a privately held company .
01
Lightning-fast $44 billion takeover drama
The entire acquisition drama can be described as a “blitzkrieg” with twists and turns, but it took less than a month to settle the whole process. Standing behind him is the man who can set off a bloodbath in the crypto world with just a few words of tweets.
It all started on April 2, when Musk passively announced his 9.2% stake in Twitter, sending waves in the market.
Twitter CEO Parag Agrawal was quick to say that Musk would be appointed to the board, saying Musk is both a fanatical believer and a fierce critic of Twitter, which is exactly what Twitter needs .
But then came the news that Musk refused to join the board, making the market feel that Musk was just a financial investment. But then it was discovered that Musk had bigger ambitions, and that his refusal to join the board was probably just to avoid the board’s shareholding limit.
On April 14, Musk slammed Twitter’s inability to meet the status quo of social freedom of speech in a document submitted to the SEC, and proposed to acquire all Twitter shares at $54.20 per share and a total price of $43 billion in cash. A good and final offer, and a warning that if it is not accepted, he will reconsider his position as a shareholder.
Immediately, news broke that Twitter’s board was considering a measure to help the company fend off a hostile takeover. One of the options under consideration was a “poison pill” plan .
And until yesterday’s dust settled, Twitter finally changed hands, “Twitter has extraordinary potential, and I will unleash it.”
Yesterday, former Twitter CEO Jack Dorse also expressed his views on the acquisition plan, saying that Twitter should become a public product at the protocol level, not a company, but to solve this problem, Elon Musk is the only solution I trust.
02
Jack Dorse’s Crypto History with Twitter
Jack Dorse, the former CEO of Twitter, has always been a “well-known old gun” in the Bitcoin community, and is almost the most staunch Bitcoin supporter among the traditional Internet elites.
Among them, the most familiar to the insiders is probably that on September 23, 2021, Twitter officially launched the tipping function that supports Bitcoin payment in the iOS version of the app.
He has publicly praised the disruptive impact that Bitcoin can bring countless times, firmly believes that Bitcoin is the only way to change the future financial system, and even bluntly stated that “Bitcoin will unite a severely divided country. ( will eventually bring the world together)”.
Unlike many tech elites and investment tycoons who only entered the crypto world after 2020, Jack Dorse has been a leader of Bitcoin believers since at least 2014:
As early as 2014, the payment company Block (formerly Square) under Jack Dorse officially opened the use of Bitcoin;
For all of 2021, Block’s Cash App generated $10.01 billion in bitcoin revenue and $218 million in bitcoin gross profit;
February 2021, Jack Dorse and rapper Jay-Z co-invest in a Bitcoin development fund, throwing $23 million to encourage the development of Bitcoin in Africa and India.
In order to solve the energy consumption and pollution problems that Bitcoin has always been criticized for, Jack Dorse also invested $10 million in the Bitcoin Clean Energy Plan to promote greener mining.
To this day, the name and profile of his personal Twitter account have the logos of “bitcoin” and the Lightning Network, but as a Bitcoin maximalists, Jack Dorse only believes in Bitcoin, excluding Ethereum and Dogecoin. and other cryptocurrencies.
“Bitcoin has absolutely changed everything. For me, bitcoin is not just an investment, it’s the most important thing to pursue for the rest of my life, and if I need to, I can give up my work at Twitter and Square and give all my energy and time to bitcoin ”.
Because of this, his leadership has been questioned by investors, who believe that Jack is focusing more on cryptocurrencies and its Square, so on November 29, 2021, Twitter’s board of directors unanimously agreed that Jack will resign as CEO.
This isn’t the first time Jack has been kicked out of Twitter, which he founded — Twitter was founded in 2006, and Jack served as CEO until 2008, before being kicked out by its board for the first time.
In the end, Jack was recalled in 2015, and Block (former Square) was founded when he left Twitter. Whether he left the company again this time was still under pressure from the board of directors, it is unknown.
However, it is quite intriguing that just yesterday Jack expressed his views on Musk’s acquisition of Twitter , specifically mentioning that “(Elon Musk’s taking Twitter back from Wall Street is the first step in the right direction for Twitter”.
Anyway, after Jack left Twitter again for 5 months, Musk bought Twitter.
03
Dogecoin + NFT, the Web3 version of Twitter?
Then we can imagine, if Musk’s final Twitter acquisition plan is completed, what kind of sparks can Musk collide by giving Twitter elements of encryption and Web3?
In fact, what is interesting is that in the days of the acquisition fermentation, Musk has been showing the community how he will improve Twitter in the future. On April 10, Musk tweeted:
Users who subscribe to Twitter Blue should get a certification mark, and the subscription fee should be proportional to the local currency, “even with the option to pay in Dogecoin?”.
Therefore, the first and foremost guess is that, as the “man behind Dogecoin”, Musk has a high possibility of integrating Dogecoin into the entire Twitter system, making the entire Twitter internal payment settlement system generational. Tokenization.
Just like the bitcoin lightning payment introduced by Jack Dorsey before, after the introduction of Dogecoin:
Dogecoin transfers can also be made directly between Twitter users; and when thinking of “tip currency”, users may even give Dogecoin rewards to the tweets they follow; in this process, creators bind themselves The corresponding Dogecoin can be obtained in the wallet of the user, and there is no need to be constrained by the platform (limitation of pumping and withdrawal, etc.) .
Second, Musk, who has a unique understanding of the crypto world and Web3, has recently been emphasizing the importance of free expression on Twitter.
This does not rule out that every tweet (plain text, picture, video, etc.) published by each user on Twitter in the future can be uploaded in the form of NFT to ensure that the user’s social data is no longer stored on the platform’s centralized server. On the platform, creators have absolute ownership of their own content, and will not be arbitrarily restricted or deleted by the platform.
Even on this basis, it is possible to further integrate crypto payment methods (in the case of Dogecoin) into Twitter, and creators can choose to charge for their own NFT tweets.
The underlying protocol can charge for each NFT tweet, help creators directly profit from each viewing and forwarding, and tokenize content creators’ tips or users’ payment forms.
In short, “a platform that is trusted to the greatest extent and widely embraced is critical to the future of civilization.” Musk’s acquisition of Twitter, no matter what novel gameplay may follow, may greatly promote “social The process of platform Web3ization.
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