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Elon Musk Finalizes Acquisition of Twitter; What Does This Mean for the Crypto Community?

Tesla CEO Elon Musk has finally concluded a deal to acquire Twitter, based on the sources cited by CNBC. 

This deal was facing closure this Friday when a previously postponed lawsuit initiated by the social media giant against Musk to proceed with the acquisition would have resumed.

The acquisition, which was first disclosed in April, encountered numerous difficulties along the way. Namely, Musk’s concerns surrounding the number of automated spam on Twitter and Twitter’s adoption of a poison pill at one point to thwart the acquisition.

Yet early this month, based on a letter from Musk’s lawyers to Twitter’s attorneys that was also submitted to the SEC, Musk suggested pushing forward with the deal once more at the initially agreed amount of $44 billion, or $54.20 each share.

Twitter’s shares were trading at $53.70 at closing price, while Musk’s preferred cryptocurrency Dogecoin (DOGE) — which he has proposed could be used for some Twitter payments — was down 2.3% at 00:43 UTC after increasing by 16% in the days leading up to the deal’s closing.

Twitter’s potential crypto prospects has yet to be confirmed. While Twitter had included bitcoin tipping in 2021 under the direction of then-CEO Jack Dorsey and added Ethereum wallets to the feature earlier this year, Musk explained the reason for Twitter adopting digital payments into its website in a June interview:

“Money is fundamentally digital at this point and has been for a while. It would make sense to integrate payments into Twitter so it’s easy to send money back and forth.”

The social media powerhouse additionally became the first firm to employ a brand-new service from payment processor Stripe, which in April unveiled a technology allowing for USDC payments via Polygon.

All things considered, Musk’s acquisition is seen as a victory for the crypto community. CoinFlip CEO Ben Weiss commented that Musk has been outspoken about his views on cryptocurrencies and blockchain for the past few years. Musk is aware of Web3 and the potential of blockchain technology, which will be important in accelerating adoption.

Weiss added that decentralisation is an actual possibility for Twitter. Shutdowns and restrictions have increased in frequency in recent years. Without a doubt, decentralisation restores power to users by removing it from corporations.

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