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Elon Musk Hints Twitter Will Integrate Crypto Payments If His Takeover Bid Is Successful

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Elon Musk Hints Twitter Will Integrate Crypto Payments If His Takeover Bid Is Successful

Tesla CEO Elon Musk has suggested integrating crypto payments into Twitter. “My goal would be to maximize the usefulness of the service,” he told Twitter’s employees in his first all-hands meeting with them.

Twitter’s First All-Hands Meeting With Elon Musk, Integrating Crypto Payments

Tesla and Spacex CEO Elon Musk, who may become the new owner of Twitter Inc., had his first all-hands meeting with Twitter’s employees Thursday.

Musk answered many questions about how he plans to run the social media company if his bid to buy Twitter is successful. However, the $44 billion deal is currently on hold, and Musk has accused Twitter of a material breach of the merger agreement.

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During the meeting, Musk mentioned crypto a few times, according to a leaked transcript of the meeting and a leaked video posted by Project Veritas.

Leslie Berland, Twitter’s chief marketing officer, asked Musk: “Can you talk a little bit about Twitter and payments?”

The Tesla boss began by stating that “money is essentially a form of information,” adding that it is “fundamentally digital.” He added:

I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth, and fiat currency as well as crypto — essentially, whatever somebody would find useful.

“So my goal would be to maximize the usefulness of the service — the more useful it is, the better. And if one can use it to make convenient payments, that’s an increase in usefulness,” he clarified.

Crypto Scams and Spam Accounts

Berland also asked Musk about some problems he sees with Twitter. The Tesla CEO replied:

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There’s definitely an ongoing challenge with Twitter with bot accounts and spam accounts. There’s quite a lot of crypto scams on Twitter.

“It’s gotten better, but there’s still a fair bit of that,” he continued. “There are also people where they’re not necessarily bots, but they might be operating. You know, one person’s operating hundreds of accounts and trying to make them look like individuals, but they’re not.”

Musk previously said that the spam bot is the single most annoying problem on Twitter and he vowed to defeat it “or die trying,” if his bid to buy the social media platform succeeds.

Transparency, Trust, and Free Speech

Musk further explained to Twitter’s employees: “I think it’s extremely important that there be transparency. So that’s why I’m an advocate of having the algorithm be open source so that people can critique it, improve it, identify bugs, potentially, or bias.”

Noting that “transparency obviously increases trust,” the Spacex boss emphasized:

I think that trust is extremely important, and then just the usefulness of the system — getting rid of sort of troll farms and bots and spam is incredibly important.

Regarding free speech, Musk said: “I think it’s essential to have free speech and to be able to communicate freely … It’s free speech within the context of the law. So I’m not talking about suggesting that we just flout the law, because we’ll just get shut down in that case.”

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What do you think about how Elon Musk will run Twitter? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Elon Musk

Elon Musk’s daughter, granted name and gender change

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Elon Musk’s daughter, granted name and gender change

Elon Musk‘s transgender daughter’s request to legally change her name was granted by a Los Angeles County Superior Court judge Wednesday, according to report.

“There being no objections, the petition for change of name, recognition of change of gender, and issuance of new birth certificate is granted,” the judge ruled, according to the document.

Musk’s daughter, whose new name is Vivian Jenna Wilson, asked the court to change her name in accordance with her gender identity and because “I no longer live with or wish to be related to my biological father in any way, shape or form.”

The petition was filed in Santa Monica in April, and it came to light recently in online news reports as Musk, the chief of Tesla and SpaceX, attempts a takeover of the social media platform Twitter.

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Wilson did not respond to text messages from NBC News requesting comment, and it appeared her voicemail inbox was full. She recently turned 18.

Wilson’s mother is Justine Wilson, who divorced Musk in 2008; she did not respond to an email requesting comment on her daughter’s petition.

It was not immediately known what caused the rift between Musk and his daughter. 

The tycoon has weighed in on the topic of transgender people choosing their preferred pronouns, tweeting in 2020, “I absolutely support trans, but all these pronouns are an esthetic nightmare.”

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Dogecoin Price Jumps As Elon Musk Reiterates Support For Meme Crypto At Qatar Forum

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Dogecoin Price Jumps As Elon Musk Reiterates Support For Meme Crypto At Qatar Forum

Dogecoin, one of the most popular parody coins in the crypto market, is on a tear today. The crypto was up 13% at the time of publication. The move comes as Tesla CEO Elon Musk repeated his support for cryptocurrency on Tuesday at the Qatar Economic Forum in Doha.

Musk stated at the Qatar Economic Forum that he buys and backs it because people “who are not that wealthy” have requested him to, according to Bloomberg News.

Suggested Reading | Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts

Dogecoin Gets Some Love From Musk

Musk remarked during the forum in an interview with Bloomberg News Editor-in-Chief John Micklethwait:

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“I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin. I’m responding to those people.”

The coin began as a joke in 2013, but quickly grew into a major cryptocurrency thanks to a committed community and inventive memes.

Dogecoin is vulnerable to devaluation since there is no restriction on the number of DOGE units that may be created, unlike other cryptos.

In 2017, the price of Dogecoin was $0.0003. By June 1, 2022, its price had risen about 40,000% to $0.10. According to Coingecko data, DOGE is currently trading at $0.063348, up over 14 percent as of this writing.

Musk also stated that his staff had requested that he promote the coin. “They urged me to endorse Dogecoin, and I am,” the billionaire explained.

In addition to Dogecoin, the SpaceX founder has indicated support for other cryptocurrencies. Musk said in October that he owns Bitcoin, Ether, and DOGE.

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DOGE total market cap at $8.5 billion on the weekend chart | Source: TradingView.com

Musk Social Media Comments Move DOGE

Dogecoin frequently varies in response to Musk’s comments on it. On Monday, it rose 8.5 percent in a 24-hour period from near-record lows after the CEO stated that he will continue to promote and buy the meme token in the face of a large cryptocurrency sell-off.

The dog-themed currency plummeted in May of last year after Musk called it a “hustle” on Saturday Night Live.

Musk has recently stated that Dogecoin might compete with Bitcoin and be used for payments. Tesla stated in January that it would begin accepting Dogecoin payments for some products, implying that more could be added “down the line.”

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Musk was sued for $258 billion last week by a Dogecoin investor who claimed the tycoon was involved in a “pyramid scheme through pushing Dogecoin cryptocurrency.”

Meanwhile, Musk intimated last week that if his attempt to buy Twitter is successful, cryptocurrency payments will be integrated into the platform.

Suggested Reading | Shiba Inu Now The Largest ETH Whales’ Holding Despite Crypto Market Turmoil

Featured image from NDTV Gadgets 360, chart from TradingView.com

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Elon Musk

Elon Musk Discusses Crypto Investing, Dogecoin Support, ‘Unresolved’ Twitter Issues, And Near-Term Recession

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Elon Musk Discusses Crypto Investing, Dogecoin Support, ‘Unresolved’ Twitter Issues, And Near-Term Recession

Tesla and Spacex CEO Elon Musk has shared his views on a variety of topics, including crypto investing, why he supports the meme cryptocurrency dogecoin, “unresolved matters” in his Twitter takeover bid, and the likelihood of a near-term U.S. recession.

Elon Musk on Crypto Investing

Tesla CEO Elon Musk shared his thoughts on a wide range of topics in an interview with Bloomberg News’ John Micklethwait at the Qatar Economic Forum Tuesday.

Crypto investing was among the topics discussed. Musk was asked whether he thinks people should still invest in cryptocurrency given the market downtown. The Tesla CEO clarified that he has never recommended that people buy cryptocurrency, stating:

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I have never said that people should invest in crypto. In the case of Tesla, Spacex, myself, we all did buy some bitcoin, but it’s a small percentage of our total cash assets.

The Spacex chief previously revealed that he also owns ether (ETH) and dogecoin (DOGE) while Tesla and Spacex only own bitcoin (BTC).

Musk Responds to People Encouraging Him to Buy and Support Dogecoin

Musk proceeded to reveal why he supports the meme cryptocurrency dogecoin. Firstly, he mentioned that Tesla accepts dogecoin for some merchandise and Spacex will do the same.

He then reiterated his intention to keep supporting DOGE, stating:

I just know a lot of people who are not that wealthy who, you know, have encouraged me to buy and support dogecoin. I’m responding to those people.

Recently, a lawsuit was filed against Musk, Tesla, and Spacex over their promotion of dogecoin. The lead plaintiff was a dogecoin investor who lost money trading the meme coin. He alleges that Musk and his companies “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.”

Twitter Deal Stalled: There Are ‘Unresolved Matters’

Musk also discussed some issues standing in the way of his $44 billion bid to buy Twitter Inc. He admitted that there are still a few “unresolved matters” before the deal can be completed.

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The Tesla CEO elaborated that besides waiting for a resolution to the issue of how many spam bots are on the mega social media platform:

There is the question of will the debt portion of the round come together and then will the shareholders vote in favor.

He emphasized that he would focus on “driving the product” at Twitter but does not necessarily plan to become the CEO of the social media company. “One way or another, one needs to take the steps that entice most people to use Twitter,” Musk said, adding:

Ideally, I’d like to get like 80% of North America and perhaps … half the world or something ultimately on Twitter in one form or another.

Twitter claims that bots make up less than 5% of total users. Musk argued that is “not most people’s experience” on the service.

Near-Term Recession ‘More Likely Than Not’

The Spacex CEO was asked whether he thinks the U.S. economy will slide into a recession. He replied:

A recession is inevitable at some point. As to whether there is a recession in the near term, that is more likely than not.

Musk recently shared his view on a recession a few times. In early May, he said the U.S. economy is probably in a recession that could last 12 to 18 months. In the same month, he said if we are not already in a recession then we are approaching one. However, he noted that it is “actually a good thing.”

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What do you think about Elon Musk’s comments? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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