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Elon Musk’s Twitter deal is about to end. A Bloomberg report said the plan was to close the deal by Friday. October 28, property transfer to the billionaire. With the social media platform about to change hands, it has raised multiple questions about Musk’s plans for it and its implications. Since Twitter’s influence spans all aspects of everyday life, could Musk’s acquisition affect the next US election?
Twitter’s influence on the US elections
Over the years, several bans on political figures have been posted by Twitter. One of the most notable is the ban on former US President Donald Trump — a move calling for “free speech” on the platform, which Elon Musk himself has emphasized.
Musk has previously said he intends to “clean it up” when he took over the social media platform. His idea of ”cleaning up” included making Twitter a platform that supports free speech. It therefore raises the question of how he intends to do that.
Once Musk takes control of Twitter, he will have the power to undo major political figures such as Donald Trump and Senator Ron Johnson. If Tesla’s CEO chooses to do so, it could have a major impact on the next U.S. election, as it once again restores these political figures’ access to a wide audience. However, it is impossible to say whether it will be possible to influence beyond lifting the ban on political figures in the pursuit of freedom of expression.
The next US election will take place in 2024, by which time Musk — assuming the deal goes through as planned — will have been in control of the social media platform for at least a year. This is enough time for some major changes to the platform.
Musk, Bitcoin and Social Media
Elon Musk has always been one of the greatest evangelists of Bitcoin and cryptocurrencies in general. By 2021, his electric vehicle company, Tesla, had briefly accepted Bitcoin payments before shutting it down due to environmental concerns. However, Musk has not stopped showing support for Bitcoin. Tesla still has about $200 million worth of BTC in its balance at the time of writing.
It is therefore not difficult to expect that the use of Bitcoin can be promoted on Twitter once Musk takes over. Twitter already has the “Tip Jar” feature that allows users to tip content creators who use Bitcoin and other cryptos. Musk’s earlier idea was to extend this with Dogecoin. So the billionaire’s takeover of Twitter could lead to an even greater presence of the crypto community on the platform. He could use his new position to promote Bitcoin as he has in the past.
As for the Twitter deal, Musk doesn’t seem too impressed with the court order to close the deal before October 28. a Tesla earnings call. “Although I and the other investors are currently paying too much for Twitter.”
Elon Musk visited Twitter headquarters on Wednesday, where he said he met “a lot of cool people.” He is expected to speak with Twitter employees on Friday about the future of the platform. While there are no public details on what this would entail, there are reports that he plans to cut 75% of the 7,500 employees, leaving a skeleton of 2,000.
BTC recovers above $20,700 | Source: BTCUSD on TradingView.com
Featured image from Ekonomist, chart from TradingView.com
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