The Twitter deal with Elon Musk is almost over. A Bloomberg report says the deal is expected to be finalized by Friday. October 28, transfer of ownership to the billionaire. As the social media platform is about to change hands, it has raised several questions about Musk’s plans and their implications. With Twitter’s influence spanning all walks of life, could Musk’s acquisition impact the next US election?
Impact of Twitter on the US election
Over the years, Twitter has issued several bans against political figures. One of the most notable is the banning of former US President Donald Trump – a move that prompted calls for “free speech” on the platform that Elon Musk himself has highlighted.
Musk has previously revealed that when he acquires the social media platform, he plans to “clean it up.” His idea of a “clean up” included making Twitter a platform that supports freedom of expression. So the question arises as to how he intends to proceed.
Once Musk takes control of Twitter, he will have the power to unblock key political figures like Donald Trump and Senator Ron Johnson. If Tesla’s CEO decides to do so, it could have a profound impact on the next US election as it restores these political figures’ access to broad audiences. However, there is no telling whether it will be possible to exert further influence beyond lifting the bans on political figures in pursuit of free speech.
The next US election is in 2024, and by then – assuming the deal goes as planned – Musk will have been in control of the social media platform for at least a year. This is enough time for some significant changes to the platform.
Musk, Bitcoin and Social Media
Elon Musk has always been one of the greatest evangelists of Bitcoin and cryptocurrencies in general. Back in 2021, his electric vehicle company Tesla had briefly accepted bitcoin payments before shutting down for environmental reasons. However, Musk has not stopped showing support for Bitcoin. Tesla still holds about $200 million worth of BTC in its account at the time of writing.
It is therefore not long to expect that the use of Bitcoin could be promoted on Twitter once Musk takes over. Twitter already has the “Tip Jar” feature that allows users to tip content creators using Bitcoin and other cryptos. Musk’s previous idea was to add Dogecoin to this. So, the billionaire’s takeover of Twitter could lead to an even bigger presence of the crypto community on the platform. He could use his new position to promote Bitcoin like he has done in the past.
As for the Twitter deal, Musk doesn’t seem too concerned about the court order to close the deal by October 28. “I think it’s an asset that has been languishing for a long time but has incredible potential,” Musk said during a Tesla earnings call. “Although obviously I and the other investors are paying too much for Twitter at the moment.”
Elon Musk visited Twitter headquarters on Wednesday, where he said he’s met “a lot of cool people.” He is expected to speak to Twitter staff on Friday about the future of the platform. Although there are no public details of what this would entail, there were reports that he plans to cut 75% of the 7,500 workers and leave a base workforce of 2,000.
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