In the current scenario, Elon Musk is in a legal process which is related to his refusal to buy the micro-blogging site Twitter. If we look at the back space of this case, we will find a bunch of leaked messages that took place between Musk and Twitter founder Jack Dorsey. The messages indicate that the duo had been dabbling in the idea of moving Twitter to the blockchain. They both had a plan to eliminate their dependency on government-controlled and centralized systems. The messages were transmitted right before Dorsey stepped down as the CEO of Twitter in November 2021.
While making the discussion about how ideal Twitter should be, Dorsey suggested an ‘open source model’ that is handled by a foundation. The foundation then contributes to the protocol without having any ownership rights on the Twitter platform.
As per the sources, it became known that later, Musk had validated Dorsey’s proposal by mentioning it as a “super interesting idea.”
Elon Musk marked his words by saying that he thinks it’s worth both trying to move Twitter in a better direction and doing something new that’s decentralized.” In response to the same, Dorsey has also expressed reservations against Twitter having transformed into an advertisement hub these recent years.
The target behind or motive behind shifting Twitter to the blockchain will be to rid it of its position as an advertising model.
The advertisements facilitate companies and governments with a ‘surface area’ to control social networking platforms, as mentioned by Dorsey. Earlier in a tweet, he also claimed that Twitter is becoming a company which is his biggest regret about Dorsey.
In April FY22, Musk purchased a 9.2% stake in Twitter, and two weeks later, he offered to buy the company for $44 billion, which is approximately Rs. 3,59,855 crore.
However, Musk started reneging on the Twitter buyout and said that the company hadn’t leveled with him about the number of spam and bot accounts among its more than 230 million users.
A trial on October 17 in the case is expected to be financed in case Musk, the richest man in the world, can or cannot walk away from buying Twitter out.