$3 billion to buy Twitter Musk wants to create his own Web 3.0?

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After becoming a major shareholder in Twitter, Musk said the next board will be “fired.”

Author | Edited by Zheng Yue | Zheng Xuan

“Twitter Big V” Musk is no longer satisfied with being a “Big V”, he directly invested in Twitter to become the largest shareholder, and joined the company’s board of directors to participate in decision-making.

On April 4, according to documents disclosed by the U.S. Securities and Exchange Commission (SEC), Tesla CEO Elon Musk bought a 9.2% stake in social media giant Twitter, which is more than Twitter founder Jack Dorsey’s 2.25% It was nearly 4 times more, and it replaced VANGUARD GROUP INC (Vanguard Fund), which held 8.8% of Twitter’s shares, and became Twitter’s largest external shareholder.

On the evening of April 5, a Twitter filing with the SEC showed that Twitter had included Musk on the company’s board of directors until 2024.

Musk has been active on Twitter for 10 years and has posted more than 15,000 tweets. Wealth passwords, traffic passwords, serious discussions and jokes can be found on his Twitter. The money that entered Twitter this time is just a trifle for the world’s richest man, but there is still Musk’s profound thinking about technology and the world behind it.

Perhaps, after bombarding Web 3.0, Musk wants Twitter to continue to be the infrastructure of the next generation of Internet speech environment and build a real future.

Expect what Musk said in the latest tweet: “Twitter’s next board meeting will be lit.”

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Love it, buy it and transform it

As a heavy Twitter user and a Twitter “Super V” with 80.35 million followers, Musk has been dissatisfied with Twitter’s many experiences before. He believes in freedom and equality, and he is especially dissatisfied with various speech restrictions.

A week before the news of the shareholding, Musk tweeted a number of tweets on Twitter’s “freedom of speech” issue. Now it seems that he has become the first shareholder at that time, just like a “master” attitude.

On March 25, Musk launched a poll on Twitter: Do you think Twitter complies with the “Free Speech” principle? More than 70% of the more than 2 million votes chose “no”. Later, Musk also said that Twitter’s algorithm should be open source, which attracted Twitter founder Jack Dorsey’s retweet support.

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On the 27th, he reposted the results of the vote again, saying that although Twitter is a de facto “square of public opinion”, it has many restrictions on speech, fails to abide by the principle of freedom of speech, and undermines democracy.

He also tweeted that day, “Need a new platform?”. There was a lot of discussion at the time. Was Musk swearing or did he really want to create a new social platform? It was only after a week that people realized that Musk was “angry” and wanted to “buy” Twitter and transform it into a “new” Twitter.

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The purpose of Musk’s stake in Twitter and the specific impact of this action on Twitter’s operations were not directly disclosed in the public documents. Even Musk’s current shareholding is 9.1%, and in the context of Wall Street, holding less than 10% is defined as “passive holding”, which means that the shareholder does not seek to gain control of the company, nor does it Who will be in charge of the company.

But Wall Street’s rules clearly don’t apply to Musk – on April 5, he directly launched a poll, conducting a Twitter function user survey, “Would you like to add an edit button (for Twitter)?”

Musk is still voting to misspell “no” as “on,” implying that this tweet needs editing. A small easter egg is that Weibo launched the editing function in 2017, but only distinguished members can use it.

In this way, “buy it if you like it” is indeed the direct reason for Musk’s entry into Twitter. After all, Musk is also a veteran of “Twitter governance”.

Sources said there was concern over whether Musk would act entirely in accordance with the “passive ownership” rule.According to reports, the “female stock god” wooden sister Cathie Wood said that Musk has sent a “strong signal” to Twitter’s current CEO to push for changes in its management. The current Twitter CEO, Parag Agrawal, took over on November 29 last year.

Jero Chino, an analyst at a research firm, even said: “Musk’s sudden expansion of stock purchases may be aimed at acquiring Twitter.”

From hating iron for failure to personal operation, whether the next step will go to the acquisition of Twitter depends on Musk’s next thinking about the social platform.

Musk’s Twitter Governance

Musk is both a traffic maker and a “gold finger” for stock prices. There are even comments that “Musk’s influence on Reddit, the base of American retail investors, is comparable to Buffett’s.” His tweets impacted Tesla stock price, changed the cryptocurrency market, and of course Twitter stock price this time.

After the news was released, Twitter’s stock price closed up 27.12% on Monday, at $49.97 per share, the largest increase since its IPO in November 2013, and Tesla’s stock price also rose 5.61%.

In addition to the impact of words on stock prices, Musk has actually been tweeting about “governing the company.” Even his tweets have been specially studied. Visual Capitalist, a foreign data analysis website, has analyzed 15,000 tweets of Musk in the past 10 years.

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A Decade of Elon Musk’s Tweets, Visualized | visualcapitalist.com

Statistics found that it is not surprising that the most topics are “SpaceX” and “Tesla”, and Musk is most concerned about his own company on Twitter. Many of the big moments for two of these companies were announced by Musk on Twitter, and his “doing things” also brought many topics and traffic to Twitter.

December 2017: Musk starts selling The Boring Company merchandise. It’s mostly a joke, but he announced on Twitter that if 50,000 of the “Boring” branded hats are sold, he’ll release a Boring Company flamethrower, which ends up being a limited-edition flamethrower for $500 each and 20,000 units All sold out.

February 2018: Twitter buzzes as Tesla Roadster, an electric sports car, is launched into space.

April 1, 2018: Musk tweeted announcing that “Tesla is bankrupt”, accompanied by a photo of himself unshaven, sleeping on the street, with broken cardboard as a quilt, Tesla’s stock price plummeted 7% that day.

August 2018: Tesla shares rose more than 13% the next day after Musk tweeted that he was “considering taking Tesla private,” but the privatization didn’t take place, sending the stock down. The incident led to the U.S. Securities and Exchange Commission (SEC) accusing Musk of fraud by arbitrarily expressing opinions to influence the stock price. In the end, Musk paid a fine of $20 million (about 134 million yuan), promising to “establish additional control procedures to monitor Musk’s speech on social platforms.”

In May 2020, Musk tweeted: “I think Tesla’s stock price is too high.” That day, Tesla’s market value evaporated by more than $14 billion.

On January 29, 2021, Musk added “#bitcoin” to his Twitter profile page, a few days after Musk announced that Tesla had bought $1.5 billion in Bitcoin and planned to accept it as a payment method. The news sent bitcoin prices up 17% to $44,000, a record high at the time. Bitcoin has been in the spotlight throughout the year as the cryptocurrency continues to gain support from major financial institutions.

In July 2021, Musk tweeted a vote asking if he should sell 10% of his Tesla stock to pay taxes. Most Twitter users voted in favor, and he has since followed up “obediently” by selling more than $16 billion worth of Tesla stock.

In December 2021, Musk tweeted, “Has anyone seen Web 3.0? I can’t find it.” Singing and bashing Web 3.0 with the Twitter founder is just a marketing term at this stage.

In 2022, Musk tweeted in English, Russian and Ukrainian three languages ​​to “one-on-one Putin”: “I am here to challenge Vladimir Putin, we will bet on Ukraine one-on-one, do you dare? Challenge?” As a result, Putin did not respond, only the spokesman replied sarcastically.

Musk likes interacting with netizens very much, and loves the voting function. He always follows his words when making decisions to Twitter netizens, and regards freedom of speech and equality as principles. His interactions on Twitter range from bigwigs to Xiaobai, and topics range from serious to jokes. Perhaps for Musk, betting with netizens on Twitter and one-on-one with Putin is nothing. the difference.

A slap in the face of Web 3.0

Musk, who advocates equal rights and democracy, bombarded Web 3.0.

Along with the Metaverse and NFT, Web 3.0 is also a hot word in the discussion of the next-generation Internet in recent times. Its core idea is to return production and ownership to users who participate in the ecology and use the platform, rather than being owned by the Internet platform or a few people who control the Internet platform company. Like NFTs, Web 3.0 is also envisioned and practiced by blockchain technology, but it is still in its early stages.

In the concept of Web 3.0, in the future, every user will be the creator of participating in the operation of the Internet environment, rather than being a tool for generating traffic for the platform to earn advertising fees. In the future Web 3.0 community platform, creators can use the content and influence they create to directly earn income, and even have the right to vote on the platform’s development direction and content supervision.

Web 3.0 has important features that are conducive to the “elimination of authority” on the Internet, and there is even a saying that Web 3.0 will be an overall victory for the public against giants.

It sounds like Web 3.0 coincides with Musk’s equal rights supremacy. Even Musk is a key figure in promoting the development of Bitcoin. Musk should support this new technology concept that treats every Internet user equally. But at the end of 2021, Musk sneered at the current Web 3.0 on Twitter and fought with Web 3.0 supporters.

First, Jack Dorsey tweeted, “Web 3.0 doesn’t belong to you.” He believes that Web 3.0 belongs to venture capital and limited partnerships (LPs), and there is no way to escape the control of these people.

Musk then tweeted that Web 3.0 could not be found, to which Dorsey responded, “Between a and z,” suggesting a16z, a venture capital firm that is actively investing in Web 3.0 and making a lot of money.

Musk has directly expressed his disdain for Web 3.0 before, “Web 3.0 sounds like nonsense.” On December 20, he replied in a video, “I don’t think Web 3.0 can come true – than It’s more of a marketing term than an actual thing.”

In this video from 1995, the American talk show host joked about Bill Gates’ concept of the Internet: “Maybe you don’t know what the Internet is.” Gates replied, “Yes.” Of course, Gates’ vision has already been realized.

This shows that disruptive technologies are easily questioned in the early days, and the author of the video tweet compares the early days of the Internet to the criticism of Web 3.0 now.

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Musk’s tweet also said, after calling Web 3.0 a marketing term at this stage, “but we really want to know what the world will look like 10, 20, 30 years from now.” In the comment area of ​​the video, Musk replied to a comment “The best way to predict the future is to start building”, Musk said: “Yes”.

It can be seen that Musk may already be building the future Internet in his mind. Although Musk repeatedly “criticized” Web 3.0, he did not completely deny the concept, but criticized the phenomenon that deviates from the essence of Web 3.0 in current development.

It is self-evident that Musk wants to work hard to create a more equal and open speech environment, and it may also be a path to his future world.

It’s not impossible to go from Twitter to Web 3.0.

Former Coinbase CTO Balaji. Srinivasan and Jack Dorsey argued that Twitter originally existed to defend freedom of speech, but eventually, with the interference of business and politics, it also went to the end of suppressing voice.

Jack. Dorsey responded, “You’re mistaken, from the beginning Twitter was a company, with corporate incentives, but it’s now trying to make a difference through BlueSky, Twitter’s decentralized community platform. Web 3.0 has the same Corporate incentives, wrapped under the veneer of ‘decentralization’, are actually a completely different ownership structure.”

I don’t know how Musk would evaluate the BlueSky business, which had been stagnant for many years and just found a leader last year, when he joined Twitter, and how much participation he can get after he joined the company. Perhaps BlueSky is a scene in the future he built.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/3-billion-to-buy-twitter-musk-wants-to-create-his-own-web-3-0/
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