Elon's Twitter: bluesky Keeps Independence, Dorsey Praises Musk, Market Awaits Next Step
Tesla chief and multi-billionaire Elon Musk is taking over Twitter for USD 54.20 a share, and has already received praise from Twitter’s founder Jack Dorsey. Meanwhile, the Twitter-funded decentralized social media project bluesky says it will remain independent “no matter what happens.”
The deal between Musk and Twitter means that the social media giant will be taken off the public market and instead become one of the world’s most valuable privately-owned companies, with a valuation of USD 44bn.
At the same time, Musk has promised several major changes for the platform, including a greater emphasis on free speech, making Twitter’s algorithm open source, and potentially incorporating some form of payments, which may also include support for dogecoin (DOGE) or other cryptoassets.
Praising Musk in public, former Twitter CEO and bitcoin (BTC) advocate Jack Dorsey called Musk’s goal of creating a “maximally trusted and broadly inclusive” social media platform “the right one.”
“This is the right path...I believe it with all my heart,” Dorsey said, adding: “I’m so happy Twitter will continue to serve the public conversation.”
Musk himself celebrated the deal by tweeting a screenshot detailing some of his plans for the social network:
With the deal now done, the market is already speculating on what the next step may be for the company that, since Jack Dorsey’s departure in late 2021, has been led by CEO Parag Agrawal.
Among the many questions that the market is now asking is who will lead Twitter going forward. In his original offer document, Musk said: “I don't have confidence in management.”
The statement appears to have made an impact on Twitter’s current CEO, who told Twitter employees on Monday that the platform’s future is
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