Elon Musk’s Twitter Offer Is A “Hostile Takeover,” According To Dogecoin Co-Founder.

Elon Musk’s bid to buy Twitter has sparked outrage in the tech and crypto worlds, with some seeing it as a measure to protect free speech and others seeing it as a billionaire gaining control of the (company-run) public square.

The co-creator of Elon Musk’s favorite cryptocurrency, Dogecoin, isn’t enthused with the Tesla CEO’s intentions for Twitter.

Jackson Palmer tweeted:

“It takes some pretty impressive mental gymnastics to associate any type of ‘freedom’ with the richest man in the world initiating a hostile takeover and forcing one of the largest public social media platforms private,”

Musk has been one of Dogecoin’s most vocal supporters since April 2019, with his tweets influencing the price of the cryptocurrency many times. On May 8, 2021, Dogecoin reached an all-time high of $0.73, the same day Musk headlined “Saturday Night Live.” (It then plummeted overnight to $0.43.)

But, given Elon Musk’s efforts to boost the price of Dogecoin, it’s remarkable that one of the cryptocurrency’s developers would oppose his proposal to take Twitter private—which is somewhat unsurprising given Palmer’s long-standing criticism of cryptocurrency and its supporters.

Palmer expressed his thoughts on the industry in a Twitter thread on July 14, 2021

“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity,” 

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Patrick

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