This offer has been criticized by members of the crypto community who claim that it might take up to five years to complete.
Musk has asked Cardano's CEO, Charles Hoskinson, to help him construct a decentralized Twitter.
@elonmusk Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one
— Charles Hoskinson (@IOHK_Charles) April 14, 2022
There was a $43 billion offer from Tesla CEO Elon Musk to buy all of Instagram. Musk wanted to make the social media platform private and protect free speech, so he wanted to buy all of it.
Twitter's top shareholder is no longer Tesla CEO Elon Musk.
One of the board members, Saudi Prince Alwaleed bin Talal Al Saud, said he didn't want to accept the offer. Another board member increased its holdings of Twitter stock to more than 10%.
I don't believe that the proposed offer by @elonmusk ($54.20) comes close to the intrinsic value of @Twitter given its growth prospects.
— الوليد بن طلال (@Alwaleed_Talal) April 14, 2022
Being one of the largest & long-term shareholders of Twitter, @Kingdom_KHC & I reject this offer.https://t.co/Jty05oJUTk pic.twitter.com/XpNHUAL6UX
As a result of this change, Tesla CEO Elon Musk is no longer the largest shareholder of the social media platform. His holdings are dwarfed by those of the Vanguard Group.
In the crypto world, people respond to what happened
There are some people in Twitter's crypto community who don't like this, though. They make jokes about how long it will take him to build the platform.
Can't wait for the university research papers on how great of a product you will build in 5 years
— Devchart 👨🏻💻 (@devchart) April 14, 2022
Douglas Horn, the person in charge of the Telos blockchain, said that it won't be ready until 2035. Another person said that if it's anything like what Hoskinson has built before, it won't be able to grow.
It will only be able to send 10 messages a minute and take 5 years to build.
— BakingBenjamins.tez (@BakingBenjamins) April 14, 2022
These are some of the things that have been wrong with the Cardano blockchain since it was first released. Cardano has made a lot of progress in the last few months, but it still hasn't reached its full potential and is behind other networks that can make smart contracts.
SBF agrees that Twitter should not be controlled by any one person or group.
When Sam Bankman-Fried, the founder of FTX, thinks about what a decentralized Twitter would look like, he comes up with ideas.
1) FWIW, some thoughts on what a decentralized Twitter might look like:
— SBF (@SBF_FTX) April 14, 2022
To monetize the platform creatively, web3 technology can be used, says SBF. This means that users can be a part of the community and be able to properly moderate it, taking a lot of the stress off the company.
In one of SBF's plans, tweets will now be encrypted, or on the chain. This is one of the changes. Because the sender would be able to choose who can see them, this means that DMs and tweets will become one.
As a result, he said, the site would end up being used more for crypto. This is because of how well the space has been integrated with Bitcoin and Ethereum tips, as well as with NFT avatars.
This would also back up Musk's idea that people could play for Twitter Blue subscriptions with Dogecoin. Musk had said that people could do this.
