It is nearing the end of Elon Musk’s Twitter deal. Bloomberg reported that Elon Musk had planned to conclude the deal before Friday, 28 October. Then ownership would be transferred to the billionaire. As the social media platform is about to switch hands, it has raised multiple questions regarding Musk’s plans for it and its impacts. Since Twitter’s influence spans every sphere of everyday life, could Musk’s acquisition influence the next US election?
Twitter’s Influence On US Election
Twitter has placed many bans on politicians over the years. One of the most notable is the ban of former US president Donald Trump – a move that saw calls for ‘freedom of free speech’ on the platform, which Elon Musk himself has highlighted.
Musk has previously made it known that when he took over the social media platform, he plans to ‘clean it up.’ His idea of a ‘clean up’ included making Twitter a platform that supports free speech. This begs questions about how he plans to accomplish it.
Musk, once he takes over Twitter, will have the ability to ban important politicians such as Senator Ron Johnson or Donald Trump. The Tesla CEO may choose to make this move, which could impact the outcome of the US election. It will allow these political figures access to a wider audience and can have profound effects on future elections. It is not clear if this will have any further impact beyond the lifting of bans on political figures who are free to speak their minds.
The next US election will happen in 2024, and by then — assuming the deal goes through as planned, Musk will have had control of the social media platform for at least a year. There is plenty of time to make significant improvements to the platform.
Musk, Bitcoin and Social Media
Elon Musk was a strong advocate of Bitcoin and other cryptocurrencies. His electric vehicle firm Tesla accepted Bitcoin payments for a brief time in 2021 before being stopped by environmental concerns. Musk is still a strong supporter of Bitcoin. As of writing, Tesla had about $200 million in BTC remaining.
Musk will likely promote Bitcoin on Twitter, so it’s not far-fetched to think that Bitcoin might be promoted there. Twitter already has the “Tip Jar” feature that allows users to tip content creators using Bitcoin and other cryptos. Musk’s previous idea was to expand this to include Dogecoin. So the billionaire’s takeover of Twitter could lead to an even larger presence of the crypto community on the platform. His new position could allow him to continue his efforts in promoting Bitcoin, as he had done previously.
Musk seems to be unaffected by the Oct. 28 court order for completion of the Twitter deal. “I think it’s an asset that has just sort of languished for a long time but has incredible potential,” Musk said during a Tesla earnings call. “Although obviously myself and the other investors are overpaying for Twitter right now.”
Elon Musk visited the Twitter headquarters on Wednesday where he said he met “a lot of cool people.” He is expected to speak to Twitter workers on Friday about the future of the platform. Although there is no information available about what it would mean, reports suggest that Musk plans to reduce 75% of 7,500 employees, leaving only a small staff of 2000.
Source: BTCUSD on TradingView.com| Source: BTCUSD on TradingView.com
Featured Image from Ekonomist. Chart by TradingView.com
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