Victory for some. Tragedy for others. The public is divided between Elon Musk and the purchase of Twitter.
Today’s topic is the acquisition of Twitter by Elon Musk. At first, there were those who did not take the matter very seriously. Given Musk’s sense of humor, some thought the Twitter purchase was a joke.
However, the purchase eventually took place. Why this acquisition? Money? Power? We could assume that in this capitalist system an entrepreneur buys a company for profit. According to Musk, the richest man in the world, money does not matter. Apparently, he does everything for the good of humanity. The central issue here is freedom of expression. Is it really?
Musk appears to be abusing his social media influence, especially Twitter. One day he says something about Bitcoin, and the price goes up. A week later, he backs down, and the price drops. He makes jokes about Dogecoin, and the price skyrockets. Then he makes another joke, and the price plummets. Everything is a joke; nothing is serious.
His influence on Twitter is not only irritating to some cryptocurrency investors but has also been annoying to the authorities.
It is worth remembering that the United States Securities and Exchange Commission (SEC) accused him of securities fraud. In fact, the SEC placed him with a “Twitter sitter” (Twitter nanny) to be able to monitor his tweets about Tesla.
Market manipulator or victim of government harassment? Free Speech Hero or Narcissistic Billionaire?
Everything in today’s world is politics. The case of the purchase of Twitter is no different. The right is happy because this purchase means that Donald Trump could return to the platform. The purchase seems to be a victory against the cancel culture pushed by social justice warriors.
The left, therefore, regrets the purchase, because Musk may give free rein to the radicals’ hate messages. This purchase is, of course, not just any corporate purchase. It has become one more battle between conservatives and liberals.
The purchase implies a change of management. A group of billionaires owned the company. Now it will pass into the hands of another group of billionaires. What happens is that each political group has its favorite billionaire. According to one sector, Google, Apple, Microsoft, and Facebook are liberal companies. Twitter was a liberal platform.
Musk’s Effect on Cryptocurrencies
Bitcoin, repeatedly backed by Elon Musk, to the point of making Tesla the second listed company that holds the most Bitcoins (42,902 units, now valued at US$1,737 million), is at times close to 5% profit less than 24 hours after confirmation of the agreement to sell Twitter. Its capitalization thus increases by nearly US$37,000 million, about 34,500 million euros.
Dogecoin far leads the ranking of increases in the last 24 hours among the 100 largest cryptocurrencies in the world. Outside this classification, there is a newly created token, which emerged a week ago expressly as a result of Twitter’s purchase offer. Although the cryptocurrency is still in development, in beta mode, it is possible to see how the price of Elon Buys Twitter (EBT) has shot up to 400% in the last day, once there was confirmation of the agreement in the takeover bid.
By Audy Castaneda
