Cardano Founder Offers To Build A Decentralized Social Media Platform With Elon Musk

Elon Musk shocked the internet when he offered to acquire Twitter outright. While some were outraged, Charles Hoskinson, the founder of Cardano, offered his support. This support came in the shape of a new social media platform to replace the old one.

He wanted to increase his stake in Twitter after becoming the company’s top shareholder. He intended to buy the company at $54.20 per share, claiming that privatization would help to protect free expression. This drew a lot of attention from a variety of people. While some increased their offer, a few others decided to team up with Musk to launch a completely new platform.

The cryptocurrency market is centered on decentralization. At least, that’s how it started. Taking this to the domain of social media, Cardano’s Charles Hoskinson suggested that the Tesla CEO work with him to create a decentralized social media network. He wrote on Twitter:

The possibility of working with Musk and launching a decentralized social media platform would be revolutionary. Speculations about this platform began to flood in. Several people proposed that Cardano [ADA] would be the platform’s coin. The bitcoin community was also expected to relocate to this potential site, leaving Twitter behind.

Not everyone is pleased with Musk’s interest in Twitter

Jackson Palmer, the co-founder of Musk’s favorite cryptocurrency, Dogecoin [DOGE] has taken a jab at the Tesla CEO for his abrupt interest in acquiring Twitter. He blatantly called Musk out for launching a hostile takeover of Twitter. He further tweeted:

In the meantime, Musk went on to explain why he wanted to acquire the social media giant in a recent Ted Talk interview. Once again, emphasizing free speech, he said:

“There are some limits on free speech in the U.S., and Twitter would have to abide by those rules. In my view, Twitter should match the country’s laws; there is an obligation to do that. But having no insights into what’s going on behind the scenes can be very dangerous.”

Additionally, with his possible acquisition, he intended to retain as many of its shareholders. He stressed the fact that economics wasn’t his interest at all.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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