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Elon Musk buys Twitter for $44B — crypto business reacts

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In the hours and days earlier than Tesla CEO Elon Musk’s buy of social media big Twitter, discussions on free speech have been widespread amongst many on-line customers each out and in of the crypto business.

Twitter introduced on Monday that it’s going to change into a privately held firm following its board of administrators accepting a bid from Musk to buy the agency’s inventory for $54.20 per share in money — roughly $44 billion. Though the transaction is predicted to shut in 2022, it’s nonetheless topic to the approval of Twitter stockholders in addition to sure regulators.

In one among his final tweets previous to information of the acquisition changing into public, Musk mentioned, “I hope that even my worst critics remain on Twitter because that is what free speech means.” Twitter quoted the Tesla CEO saying “free speech is the bedrock of a functioning democracy, and Twitter is the digital town square.”

Many, nevertheless, appeared to view the multi-billion greenback buy as doubtlessly having the other outcome. Angelo Carusone, president of nonprofit media watchdog Media Matters for America, expressed considerations previous to the announcement that Twitter agreeing to the sale “would be a victory for disinformation and the people who peddle it,” suggesting that Musk may unilaterally determine to permit these banned from the platform for inciting violence again on.

Jackson Palmer, the co-creator of the meme-based token Dogecoin (DOGE), which Musk has typically pushed on the social media platform, known as the acquisition a “hostile takeover” antithetical to the concept of freedom. Bitcoin bull Anthony “Pomp” Pompliano congratulated the brand new Twitter proprietor, whereas crypto lending agency BlockFi appeared to take extra of a comical stance, posting a mashup photograph of the Dogecoin canine and Twitter’s emblem.

MicroStrategy founder and CEO Michael Saylor didn’t remark straight on the acquisition, as a substitute replying to Musk with the textual content of the primary modification of the United States Constitution in a tweet, suggesting he helps the transfer. House of Representatives member Jody Hice, who has supported false claims of fraud within the 2020 U.S. Presidential Election, lauded the transaction as a win for the primary modification as properly.

It’s unclear what first modification proponents could have meant by their help of Musk’s buy of Twitter, because the constitutional modification doesn’t restrict personal employers within the United States, however slightly prevents Congress from passing legal guidelines prohibiting sure varieties of speech. U.S. courts have beforehand dominated that freedom of expression doesn’t lengthen to inciting “imminent lawless action.” Similarly, Twitter’s rules state the platform does not allow users to “threaten violence against an individual or a group of people” or incite others to engage in targeted harassment. 

Musk, with greater than 83 million followers — way over former Twitter CEO Jack Dorsey at 6.3 million — could affect conduct on the platform and social media as an entire on account of the acquisition. The Tesla CEO mentioned on April 14 that one among his prime priorities for Twitter can be to eradicate “spam and scam bots and the bot armies,” together with these linked to crypto scams.

Related: Bitcoin spoofs $39.5K breakout at Wall St open as Elon Musk Twitter takeover nears

At the time of publication, shares of Twitter are priced at $51.70, having risen greater than 32% within the final 30 days.