This is the original issue 1629 of the vernacular blockchain
Author | Terry
Produced | Vernacular Blockchain (ID: hellobtc)
On April 26, 2020, Twitter entered into a final acquisition agreement with Elon Musk, in which an entity wholly owned by Elon Musk acquired it for $54.20 per share, for a transaction valued at approximately $44 billion, and upon completion of the transaction, Twitter will become a privately held company.
01
Lightning -- $44 billion acquisition drama
The whole acquisition drama can be described as a "blitzkrieg" with twists and turns, but the whole process took less than a month to settle down. Standing behind him is the man who can stir up a bloody storm in the crypto world with just a few tweets.
It all started on April 2, when Musk passively announced his 9.2% stake in Twitter, which immediately made waves in the market.
Twitter CEO Parag Agrawal was quick to say he would appoint Musk to his board, saying Musk was both a fanatical believer and a strong critic of Twitter, which is exactly what Twitter needs.
But then news came that Musk refused to join the board, making the market think that Musk was just a financial investment. But then everyone found out that Musk had greater ambitions, and refusing to join the board was probably just to avoid the board's share limit.
On April 14, musk slammed Twitter for not being able to meet the status quo of social freedom of expression in a filing filed with the SEC, proposing to buy all of Twitter's shares in cash for $54.20 per share, a total of $43 billion, calling it his best and final offer, and warning that if it is not accepted, he will reconsider his status as a shareholder.
News broke that Twitter's board was considering a measure to help the company fend off hostile takeovers, one of which was the "poison pill" program.
And until yesterday's dust settled, Twitter finally changed hands, "Twitter has extraordinary potential, I will release it."
Yesterday, former Twitter CEO Jack Dorse also expressed his views on the acquisition plan, saying that Twitter should be a public good at the agreement level, not a company, but to solve this problem, Elon Musk is the only solution I trust.
02
Jack Dorse's crypto past with Twitter
Jack Dorse, the former CEO of Twitter, has always been a "well-known old cannon" in the Bitcoin community and is almost the staunchest Bitcoin supporter among the traditional Internet elite.
One of the most familiar to insiders is probably that on September 23, 2021, Twitter officially launched a tip tipping function that supports Bitcoin payment in the iOS version of the app.
He has publicly praised the disruptive impact that Bitcoin can have on countless occasions, firmly believing that bitcoin is the only way to change the future financial system, and even bluntly saying that "Bitcoin will unite a deeply divided country." (Eventually it will bring the world together)".
Unlike many tech elites and investment giants who only poured into the crypto world after 2020, Jack Dorse has been a leading figure in Bitcoin believers since at least 2014:
Back in 2014, Jack Dorse's payment company Block (formerly Square) officially opened up the use of Bitcoin;
For the full year 2021, Block's Cash App generated $10.01 billion in Bitcoin revenue and $218 million in Bitcoin gross profit;
In February 2021, Jack Dorse and rapper Jay-Z co-invested in a Bitcoin Development Fund, a $23 million venture to encourage Bitcoin development in Africa and India.
To address Bitcoin's always-maligned energy consumption and pollution problems, Jack Dorse also invested $10 million in Bitcoin's Clean Energy Plan to promote greener mining.
To this day, his personal Twitter account has the logo of "bitcoin" and the Lightning Network in its name and profile, but as a bitcoin maximalist, Jack Dorse only believes in Bitcoin, excluding other cryptocurrencies such as Ethereum and Dogecoin.
"Bitcoin has absolutely changed everything. For me, Bitcoin is not just an investment, but the most important cause to pursue for the rest of my life, and if needed, I can give up my work on Twitter and Square and leave all my energy and time to Bitcoin."
Because of this, his leadership has been questioned by investors, believing that Jack is focusing more on cryptocurrencies and his Square, so on November 29, 2021, Twitter's board unanimously agreed to Jack's departure as CEO.
This isn't the first time Jack has been kicked out of his own Twitter— Twitter was founded in 2006 and served as CEO until 2008, when he was first ousted by the board.
Eventually Jack was recalled in 2015, and Block (formerly Square) was founded during his departure from Twitter, and it is not yet known whether he left the company again, whether he is still under pressure from the board.
However, it is quite intriguing that just yesterday Jack expressed his opinion on Musk's acquisition of Twitter, specifically mentioning that "[Elon Musk] took Twitter back from Wall Street, which is the first step for Twitter to go in the right direction."
Anyway, after Jack left Twitter for another 5 months, Musk bought Twitter.
03
Dogecoin + NFT, Web3 Edition Twitter?
So we can imagine what kind of sparks Musk could collide if Musk's final Twitter acquisition plan is completed, by giving Twitter encryption and Web3 elements.
In fact, it is interesting that in these days of acquisition fermentation, Musk has been showing the community how he will improve Twitter in the future, of which Musk tweeted on April 10:
Users who subscribe to Twitter Blue should be certified, the subscription fee should be proportional to the local currency, and "even choose to pay with Dogecoin?".
So the first and almost certain guess is that as the "man behind Dogecoin", Musk is likely to integrate Dogecoin into the entire Twitter system, making the entire Payment and Settlement System within Twitter tokenized.
Just like the Bitcoin lightning payment introduced by Jack Dorsey before, after the introduction of Dogecoin:
Twitter users can also directly transfer Dogecoin between users; and in the case of "tip currency", users may even tip Dogecoin for tweets they follow; in this process, creators get the corresponding Dogecoin in their bound wallets, without being constrained by the platform (pumping and withdrawal restrictions, etc.).
Second, as Musk, who has a unique understanding of the crypto world and Web3, has recently emphasized the importance of free expression on Twitter.
This does not exclude that every tweet (plain text, pictures, videos, etc.) posted by each user on Twitter in the future can be chained in the form of NFTs to ensure that the user's social data is no longer stored on the platform's centralized server, so that creators have absolute ownership of their own creative content, and will not be arbitrarily restricted and 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, helping creators directly profit from each view and forward, and tokenizing the content creator's tip or the user's form of payment.
In short, "a platform that is trusted and widely inclusive to the greatest extent is essential for the future of civilization", and Musk's acquisition of Twitter, no matter what novel gameplay will be derived in the future, may greatly promote the process of "social platform Web3".
END
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