So I’m sure we’ve all been following the Elon, Twitter attempted buyout. If you’re like me, you’d be questioning why we’re willing to put so much faith in a single billionaire to advocate for free speech on a censorship ridden platform, in an even more censorship ridden system. I’ve learned in politics it doesn’t matter who you put in the throne, the system is designed a certain way to ensure the same outcome.
Musk, received 2 offers to collaborate and create a decentralized social media platform from Charles Hoskinson and Sam Bankman Fried. These are 2 of the most influential crypto developers, personalities and would have been amazing to see a collab between either 2 or 3 of them.
Twitter board did not like Elon attemp at a takeover and introduced the poison pill plan to dilute the company extensively and prevent Musk from taking a controlling number of shares. This is where Musk (who initially said his first and final offer) opted to ignore the pleas from the crypto world to build something new, something open and transparent and governed by the community itself and chose to instead partner with major bank Morgan Stanley.
The deal $46.5B USD worth of cash/financing from multiple banks. Musk is only putting up $20B cash and using Tesla shares/other financing options to cover the other 26.5B.
This is where I get skeptical, wasn’t the whole purpose to remove these shady individuals who are using the current system to push their preferred narrative? Banks are a prime example of this, I thought we were all anti-financial censorship and now we’re going to have major banks owning a large portion of one of the most popular social media platforms and we’re cheering? Do you really think the banks who are controlled by government have any concern for free speech or our general well-being? We’re just wage slaves to them, and as long as we keep funding and building in broken systems we’re going to keep getting screwed while the top 1% extend the wealth gap and silence any dissent.
What do you think, do you think Elon buying Twitter is the best thing ever? Do you think the banks getting involved threatens the principles Musk so frequently tweets about? Do you think it’s just another move to allow major banks to control social sentiment and move markets? Perhaps you think something completely different, any and all constructive conversation is welcome!
Musk ignored Sam Bankman Fried and Charles Hoskinson offer to build a decentralized form of Twitter, and partnered with major banks Morgan Stanley and others. If successful Musk will provide $20B cash while the banks provide $26.5B in financing. We all know the FUD Elon and banks like to spread about ESG in crypto, I’d expect more of this in the future.