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Will Elon Musk Deliver Web3 Promises? Day 1 After Twitter Takeover

2 mins
Updated by Ali Martinez
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In Brief

  • Binance has confirmed that it has made an investment $500 million in Elon Musk's Twitter acquisition.
  • Reports reveal that a new Binance team will investigate how Web3 might benefit the social media platform.
  • It is being speculated that Elon Musk might assume the role of Twitter CEO.
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Tesla CEO Elon Musk, who has been critical of previous Twitter policies, has now officially ‘freed the bird’ to make changes to the social media giant.

A series of changes are being announced for the top executive spots on Twitter. Binance also confirmed that it has made good its previous commitment of investing $500 million in the acquisition.

No more scam bots?

It is speculated that Elon Musk might assume the Twitter CEO role. Also, Bloomberg revealed that a new Binance team would investigate how blockchain technology and crypto might benefit Twitter.

A spokesperson for the company said that the plans are still in an early stage, with details being worked out. He added, “Binance is creating an internal team to focus on ways that blockchain and crypto could be helpful to Twitter and actively brainstorming plans and strategies that could help Elon Musk realize his vision.”

In November last year, Twitter established an internal crypto team to create features utilizing Non-fungible tokens (NFTs) and crypto payments.

Previously, Elon Musk stated that he would consider modifying the platform’s approach to controversial and problematic content, including tweets by crypto scam bots. 

“A top priority I would have is eliminating the spam and scam bots and the bot armies that are on Twitter,” the Tesla chief had said to TED Curator Chris Anderson. 

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

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

Regulators keep a close eye as new policies are on the way

Elon Musk has also been critical of the platform’s moderation policies. He claimed that Twitter doesn’t truly allow and provide for free speech. However, so far, no changes have been in that front, Musk claimed in his latest tweet.

But, the “free speech absolutist” has paved the way for a Twitter content moderation council. Musk claims that the team will have “widely diverse viewpoints.”

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’ jibe on the platform’s previous moderation policies.

Earlier this month, Twitter had claimed in its court filings that Elon Musk was under federal investigation over the $44 billion takeover.

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

Meanwhile, reports claim that ad sales, a significant part of Twitter revenue, might be taking a hit after the deal. Some advertisers, including GM Motors Co and Detroit automaker, reportedly halted paid ads until Twitter’s direction becomes clear.

On 29 Oct., Musk spent the day responding to suggestions by Twitter users to change the platform policies.

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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.