Key Takeaways
- Musk is rumored to be planning on taking over the Twitter CEO position after firing four of its key executives.
- “You can bet that digital assets will play a more prominent role on Twitter,” A crypto executive told Blockworks
Elon Musk, after six months tumultuous legal battles and a $44 Billion deal with Twitter has finally been completed.
Bloomberg reports that the billionaire plans to become CEO. Musk currently holds the CEO position at Tesla as well as SpaceX.
According to several reports, he’s already fired top executives CEO Parag Agrawal as well as Chief Financial Officer Ned Segal. Vijaya Gadde and Sean Edgett, Twitter’s legal and policy director, are both out.
Biz stone, the co-founder and CEO of Twitter acknowledged these contributions via a Tweet on Friday. Musk also tweeted “the bird is freed,” In an apparent reference, Twitter’s New Era.
On Wednesday, his arrival at the headquarters of the company in San Francisco sparked a lot of speculation on what he plans to do with the popular microblogging service. Many crypto enthusiasts think there’s an excellent chance that he may integrate cryptocurrencies and decentralized Blockchain networks into the platform.
Musk spoke about the use of crypto and digital payment systems at his June Twitter All-Hands Meeting.
“I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth…currency as well as crypto,” He told me at the moment.
Twitter has not responded to Blockworks’ request for a comment on Musk’s intentions to become CEO and his crypto-related future planning.
Twitter Announces the NFT Tweet Tiles
Twitter, in spite of a very busy week, launched on Friday a brand new NFT feature. Twitter’s developer account tweeted that the site was testing out a Tweet Tiles feature to provide links to NFT markets.
This integration is currently available with four NFT platforms, Magic Eden, Rarible Labs, Dapper Labs, and Jump.trade.
What is next in Twitter’s unique integration of crypto? Reddit, a social media platform that has a large user base, launched a NFT market where users can purchase avatars based on blockchain technology.
“No doubt, you can bet that Elon and his team are seeing what’s happening with Reddit and thinking about the possibilities with Twitter,” Mahesh Vellanki told Blockworks that he is a managing partner with the crypto venture SuperLayer. “Maybe they’ll choose to incorporate payments, in addition to NFT integrations, perhaps with Bitcoin’s Lightning Network or Solana Pay.”
Vellanki believes it is too early to predict what Musk’s next move will be, but that the crypto-advocate recognizes what the digital asset technology has the ability to do for NFTs and payments.
“Just look at his interest in dogecoin. Yes, it’s a meme coin, but there is power in memes. He understands this power, and so he could very well do something wildly creative with Twitter and its role in meme-focused investing. We are entering a new world, and you can bet that digital assets will play a more prominent role on Twitter,” He also added.
What Elon might do with Twitter is a topic of discussion among observers
Musk, the new leader of Tesla “Chief Twit” The owner of the business is free to make any changes he wants. “everything app” He imagined. The site would then become an important financial service, similar to WeChat in China.
According to CoinGecko’s CEO Bobby Ong, Twitter can be redesigned to include Web3 elements and find a fair way to reward the top app creators.
It will no longer have to provide financial information to SEC as the business will be operated privately.
Budd White said that the Twitter takeover by the crypto advocate could mark a turning point in the mass adoption of crypto technologies.
“What better way to make big things happen than to totally retool Twitter so as to incorporate digital assets. He could do payments via stablecoins. He could integrate an NFT marketplace. Heck, he could even incorporate a DeFi borrow-lend market that is both crypto native and unique to Twitter,” White informed Blockworks.
Another new feature could be a user taking out a DeFi mortgage on Twitter — something that isn’t beyond the realm of possibility, according to the product expert.
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