Elon Musk Offers to Buy Twitter for $41B. Twitter Coin, Anyone?

Social media exploded with news that Tesla CEO Elon Musk has offered to buy each Twitter share for $54.20. This would put a valuation of the total remaining shares to $41 billion.

Musk’s takeover bid came through a letter sent to Twitter Chairman Bret Taylor. According to the letter, Musk is confident that Twitter has extraordinary potential and that he will “unlock it.” He also wrote that he is not convinced by Twitter’s current management, which he believes will stifle the growth of the social media brand.

Musk: Twitter “to Be Transformed as a Private Company”

As proof of his intention to purchase Twitter, Musk filed the proposal to the US Securities and Exchange Commission (SEC)[1] . He stated his plans to turn Twitter into a private company.

Within the proposal, Musk provided the letter sent to Taylor, as well as other conversations related to his intention.

Musk wrote in the letter:

I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.

Twitter has yet to announce whether it will accept or decline Musk’s offer.

Twitter Coin Soon?

Given the hype surrounding the topic, it would not be surprising for people to create another cryptocurrency that is related to Twitter (i.e., Twitter Coin), especially if it would be for meme purposes. However, some may do so out of the intention to extort money from others.

For instance, the crypto space witnessed the hype and rug-pull of Squid Game Token, which used the popularity of the South Korean TV hit Squid Game.

What is more, Twitter has been the social media platform of choice for many crypto firms and personalities. It is also increasingly leaning toward crypto adoption. In fact, Twitter now allows users to tip people with Ethereum via the Tip Jar feature.