Musk, Twitter and The DAO

Editor's note: According to news on April 26, Beijing time, Musk will acquire Twitter at a cash price of US$44 billion, and the transaction is expected to be completed in 2022. Upon completion, Twitter will become a privately held company. Twitter closed up 5.6 percent after the news was released.

Twitter founder and former CEO Jack Dorsey expressed his views on Twitter’s announcement today that it has reached a final acquisition agreement with Musk. He said: “I like Twitter. It is the closest thing we have to a global awareness. Its philosophy and Service is the most important thing to me and I will do everything I can to protect both. As a company, Twitter has always been my heartache and my biggest regret as it has gradually become owned by Wall Street and ad models. Now, Ma SK took Twitter back from Wall Street, which is the first step in the right direction for Twitter. In principle, I don't think Twitter should be owned or run by anyone, and Twitter should be a public good at the protocol level, not a company Inc. However, to solve this problem, Musk is the only solution I trust, and I believe in his mission to expand the light of consciousness. Musk will create a platform of maximum trust and broad inclusion, and this goal is right, too I chose him for the reason. I'm glad Twitter will continue to serve the public conversation, around the world, and into the stars!"

Everyone judges what kind of Web3 super new species Twitter will evolve into after Musk's acquisition. We also try to make a little guess from its past behavior and opinions.

The following is from coindesk, the original author: Will Gottsegen, compiled by Odaily Moni, and first published on April 15.

Musk may be the most controversial "world's richest man".

People’s evaluation of him is mixed. Those who love him think that Musk is a great person who is down-to-earth in technology, while those who hate him think that Musk is outspoken and crazy. In fact, compared with other billionaires who tend to take a long-term view, Musk is more casual and prefers to make "impulsive decision-making"-as soon as he finds a problem, he will immediately find a solution.

Of course, Musk is not "the savior, and his decisions are not always effective. Here we look at two short stories:

In 2018, a teenage football player was trapped in a cave in Thailand. At that time, Musk and SpaceX engineers built a small submarine and shipped it to Thailand to assist in the rescue of the trapped teenage player, but in the end the equipment failed. In handy, the footballers were rescued with the help of other rescuers, even one of whom called Musk's move a "PR stunt." Of course, Musk was quick to fight back at the time, suing the person for defamation and winning the case.

In 2016, after Musk had had enough of the poor traffic conditions in Los Angeles, he immediately founded a tunnel excavation company, The Boring Company, to revolutionize urban traffic conditions. While the idea sounds futuristic, the possibility of implementing the idea has been met with widespread skepticism by industry experts and civil engineers.

Needless to say, Musk never seems to stop his "tossing road".

Last week, it was revealed that Musk already owns 9.2% of the shares of Twitter, but his real "ambition" is to acquire Twitter in its entirety. In fact, Musk has always been critical of Twitter's speech management system, so he is going to use the new identity of "Twitter owner" to build the social media giant into a "privatized free speech platform." As soon as the news broke, people expressed their high hopes for the move, especially with the many support from the cryptocurrency industry.

So,

So,Will Musk end up turning into something he hates if he buys Twitter?secondary title

Tweet all you want

For the "melon-eating crowd", Musk is the most personal compared to any richest man in the world.

Whenever Musk makes an impulsive decision, he typically starts with a Twitter post. Earlier this month, Musk launched a survey on Twitter to find out whether the social media platform "strictly abides by" the principles of free speech, and later pointed out that "the results of this poll are very important." This will affect some of his behaviour.

Sure enough, a week later, Musk announced that he had spent $3 billion to buy Twitter's stock, becoming the company's largest shareholder. Then, he released news about Twitter's 2021 financial report to prove that he was serious about investing.

When Twitter CEO Parag Agrawal announced that Musk would join the company's board of directors, people thought that Musk might want to control Twitter through the $3 billion investment. Surprisingly, however, Parag Agrawal then issued another statement: Musk may change his mind about joining the board.

Frankly speaking, this statement issued by Parag Agrawal is really cryptic, but we can get some clues from it. Parag Agrawal, a current board member, wrote, "Confidence that Musk, as a corporate trustee, will, like all board members, act in the best interest of the company and all of our shareholders, and this will be the best way forward. .”

By reading this cryptic statement, we get the implication that Musk has been informed of his responsibilities, but he has decided not to join the board because he does not want to fulfill them.

It seems that as a billionaire, Musk seems to enjoy doing some things that go back and forth, but he seems to just like to shout publicly on the Internet. There is another irony here -

Musk once disclosed Amway Dogecoin (Dogecoin) on Twitter, which led to an astonishing increase in Dogecoin all at once. The once obscure meme coin is now a major token listed on top exchanges, thanks to Musk's big push on Twitter. The price of Dogecoin also soared by 10% after the news that Musk acquired a majority stake in Twitter was released. It can be said that during the cryptocurrency bull market last year, Musk became a hero in some people's minds, but some people were very disgusted with his behavior. However, I believe that all Dogecoin holders are loyal fans of Musk. After all, Musk only needs to post a post to raise the price of Dogecoin, and they only need to sit back and enjoy the benefits.

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Voting decision - imitate DAO mechanism

In fact, after news of Musk’s acquisition of Twitter was reported, NBA Dallas Mavericks owner Mark Cuban said on social media that many technology giants, such as Google and Facebook, are now talking to their antitrust lawyers. Ask if you can buy Twitter and get approved. Twitter is also on the phone with their lawyers about who could be their buyer. However, Mark Cuban said that Twitter may not choose to sell, but will find a "friendly" person to buy Elon Musk's stock and kick him out. For the encryption community, the decentralized supporter group should create a DAO to acquire Twitter, and let Token holders vote on topic trends and identity verification on social media in the future.

Last weekend, Musk began to solicit opinions for Twitter through an online poll, one of which was: Do you want the "edit" button? Because he believes that "editing" is the most desired function of users, and users want to correct mistakes or content posted without thinking on the fly. In addition, Musk also proposed the idea of ​​transforming Twitter’s San Francisco headquarters into a homeless shelter, because Twitter announced last year that its employees can work from home indefinitely, and Musk believes that “there is no one there anyway.”

FTX founder SBF responded quickly after seeing the news, and gave his own suggestions for decentralized Twitter, including:

1. Tweets are on-chain, encrypted: the sender chooses who has access to them. If likes and retweets are also on-chain, this will force some L1s to scale to hundreds of thousands or even millions of TPS, but it will eventually happen.

2. There are two forms of monetization: Tweet level, the underlying protocol charges for each message; UI level, which can be profitable or subsidized, for example, you can display advertisements, monetize it, and use it to pay network fees. Each UI can have its own moderation policy, no longer one person/company controls speech.

3. Integrate content creator tips/payments/monetization, NFTs/profiles/avatars, and DOGE into Twitter.

To be honest, Musk usually does not conduct market research before soliciting opinions, nor does he have any indicators to evaluate the feasibility of reforms. Instead, he directly tweets and draws conclusions after conducting a poll. Very surprised. Regarding Musk’s decision to give up joining the Twitter board of directors, I believe it also echoes his previous promise to build a “free speech” platform. It is no wonder that he is very popular among cryptocurrency practitioners.

Unsurprisingly, all of Musk's tweets ended up being deleted. Maybe Musk's reckless, reckless leadership works in the cryptocurrency industry, but it doesn't necessarily work in the traditional business world. Back in 2018, the SEC accused Musk of fraudulent conduct in a tweet about Tesla's stock price.

epilogue

epilogue

To be honest, if the huge business system of the Twitter platform turns to decentralization in an all-round way, it will inevitably be a long process. But if this goal can really be achieved, it is bound to take the social media giant to a new level.

As Musk said: Twitter has extraordinary potential, and I will unleash it.