Cardano Founder Wants to Build Decentralized Twitter with Elon Musk
2022.04.15 13:46
Cardano Founder Wants to Build Decentralized Twitter with Elon Musk
Charles Hoskinson, the founder of Cardano and CEO of Input-Output Global, has offered to help Elon Musk, CEO of the electric-car maker, in building a decentralized version of the microblogging platform, Twitter (NYSE:TWTR).
Elon Musk Wants to Buy Twitter
The centibillionaire recently purchased a 9.2% stake in Twitter for an estimated $2.89 billion. After that, however, Elon Musk decided not to join the social media platform’s board of directors.
To implement free speech on Twitter, Musk offered to buy Twitter for about $43 billion in cash. The purchase will help Musk “go through the changes that need to be made” at Twitter.
Hoskinson Proposes to Build a Decentralized Twitter With Musk
The CEO of Tesla (NASDAQ:TSLA) had criticized Twitter for failing to adhere to the principles of free speech. Musk, who owns a 9.2% stake in Twitter, said he’ll need to reconsider his position as a shareholder if his bid is rejected.
Replying to Tesla’s boss’ offer to purchase, Hoskinson has offered to build a decentralized social media platform with him. He wrote on 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
Hoskinson’s offer comes a few weeks after Musk’s poll on Twitter suggested that he favors launching a decentralized social media platform that adheres to free speech.
On The Flipside
- Musk’s bid has been met with severe criticisms, with Dogecoin co-founder Jackson Palmer criticizing Musk for attempting a hostile takeover of Twitter.
Why You Should Care
Musk’s move for a Twitter that supports free speech has been met with mixed reactions, with some believing that his real motive is to get back at the SEC.
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