Elon Musk, the CEO of Tesla and SpaceX is under an obligation to purchase Twitter for $44 billion. There were some external elements like some users on Twitter who were against the hostile takeover of the micro-blogging website. There were also internal elements like when Musk was worried about the percentage of bots on Twitter, however, the deal seems to be going through. On Thursday, Musk even attended a meeting with Twitter executives which can be interpreted as a green signal for the deal.
Funds like Sequoia capital, Fidelity Management, and crypto exchange Binance have funded Elon’s hostile takeover of Twitter.
Twitter has embraced cryptocurrency in several ways— by integrating bitcoin (BTC) tipping in 2021 ex CEO Jack Dorsey and adding ether (ETH) usefulness early this year. Twitter likewise turned into the primary company to evaluate another program from payments processor Stripe, which in April enabled payments in USDC via Polygon.
At an all-hands meeting with Twitter employees, Musk said that money has become “fundamentally digital.” He says that it would make sense to integrate payments into the micro-blogging website.
“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.”
Just days ago, Musk was sued by a US citizen for $258 billion, on behalf of all Dogecoin investors. The lawsuit claims that Elon’s encouragement has led to investor losses and also claimed that dogecoin (DOGE) is a pyramid scheme. Very recently, Tesla announced that it would start accepting Dogecoin for its merchandise.