Will Elon Musk deliver on Web3 promises? First day after Twitter acquisition

Tesla CEO Elon Musk, who has been critical of past Twitter policies, has now officially ‘free the bird’ to make changes at the social media giant.

Several changes are being announced for the top executive positions on Twitter. Binance also confirmed that it has fulfilled its previous commitment to invest $500 million in the acquisition.

No more scam bots?

It has been speculated that Elon Musk may assume the role of Twitter CEO. Furthermore, Bloomberg revealed that a new Binance team will be investigating how Twitter can benefit from blockchain technology and crypto.

A company spokesperson said the plans are still in the early stages and details are being worked out. He added, “Binance is building an internal team to focus on ways that blockchain and crypto can be helpful to Twitter and actively brainstorm plans and strategies that will help Elon Musk in his can help make the vision come true.”

In November last year, Twitter established an internal crypto team to build features that use non-fungible tokens (NFTs) and crypto payments.

Earlier, Elon Musk said that he would consider revising the platform’s approach to controversial and problematic content, including tweets from crypto scam bots.

“My top priority is to eliminate spam and scam bots and the bot armies on Twitter,” the Tesla chief told TED curator Chris Anderson.

Amidst the Twitter-Musk controversy, private messages between the billionaire and several top bosses were made public. In conversation, Elon Musk reportedly took former CEO Jack Dorsey’s idea of ​​making a Twitter-like entity resilient to government and advertiser control. He suggested a foundation-funded ‘open source protocol’ rather than a centralized company as a solution, which Musk considered ‘an interesting idea’.

That said, a company spokesperson confirmed that the team will “work on solutions to address some of Twitter’s issues, such as the proliferation of bot accounts in recent years.”

Regulators keep close watch as new policies are on the way

Elon Musk has also been critical of the platform’s moderation policies. He claimed that Twitter does not really allow and does not provide freedom of expression. However, so far, there has been no change on that front, Musk claimed in his latest tweet.

But, “free speech absolutism” has given way to a Twitter Content Moderation Council. Musk claims the team will have “widely diverse perspectives.”

Meanwhile, European Commissioner Thierry Breton told Musk that: The bird will fly by our rules. The message was in response to the billionaire’s ‘free speech’ on the platform’s previous moderation policies.

Earlier this month, Twitter claimed in its court filing that Elon Musk was under federal investigation over a $44 billion acquisition.

BeInCrypto reported in May that the United States Securities and Exchange Commission (SEC) and the Federal Trade Commission (FTC) were investigating Elon Musk’s stake in Twitter.

Meanwhile, reports claim that ad sales, which account for a significant portion of Twitter revenue, could take a hit after the deal. Some advertisers, including GM Motors Co. and the Detroit automaker, reportedly halted paid ads until Twitter’s direction becomes clear.

29, Musk spent the day responding to suggestions from Twitter users to change platform policies.


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