Will Elon Musk Keep His Promises For Web3?

Elon Musk, the CEO of Tesla, has previously criticized Twitter’s rules but has now been given the go-ahead to alter the social media behemoth.

On Twitter, several alterations are being made to the top management positions. Additionally, Binance reaffirmed that it has fulfilled its prior promise to contribute $500 million to 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.

The ideas are still in the early stages, according to a corporate spokeswoman, and details are still being worked out. “Binance is forming an internal team to focus on how blockchain and cryptocurrency could benefit Twitter and is actively generating ideas and formulating plans that could assist Elon Musk fulfill his vision,” he continued.

To develop features leveraging non-fungible tokens (NFTs) and cryptocurrency payments, Twitter launched an internal crypto team in November of last year.

Elon Musk previously said that he would think about changing the platform’s policy regarding content that is debatable or problematic, such as tweets from cryptocurrency scam bots.

The Tesla CEO had told TED Curator Chris Anderson, “I would have removing the spam and scam bots and the bot armies that are on Twitter as a major priority.”

Private communications between the billionaire and a number of high-ranking executives were made public during the Twitter-Musk fight. Elon Musk apparently adopted former CEO Jack Dorsey’s suggestion to create a Twitter-like organization that is resistant to governmental and commercial control during the talk. Instead of a centralized firm, he proposed a foundation-funded “open source protocol,” which Musk deemed to be “an interesting notion.”

To address some of Twitter’s problems, such as the rise in bot accounts in recent years, the team will work on solutions, the company representative stated.

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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