Preparing for deal with Musk and own cryptocurrency wallet: What is going on with social network Twitter

October 26, 2022  16:48

Elon Musk and Twitter are preparing to close the deal to buy the social network, which is scheduled for October 28: after lengthy negotiations, Musk has agreed to buy the company for $44 billion ($54.20 per share).

Many people today are looking forward to October 28: While waiting for the deal to close, Twitter has blocked the stock accounts of the company's employees. The court case against Musk was also suspended until October 28: the main reason for the lawsuit was to make Musk fulfill his legal obligations.

So what does the future hold for Twitter after this deal?

Deal with Musk

Musk is known to have problems with financing the deal because of the rise in the social network's stock price and the departure of some of the investors who had previously agreed to help him. However, according to the latest reports, Musk managed to negotiate with international investors to provide him with $13 billion in borrowed money to buy Twitter, exactly how much the millarader lacked for this deal.

According to Bloomberg, the necessary amount will arrive in Musk's accounts on October 27, and the deal will be closed at a set time - October 28.

Own cryptocurrency wallet

According to insider Jane Manchun Wong, Twitter is now working on a prototype wallet that would allow depositing and withdrawing cryptocurrencies without the need for third-party servers.

Such an innovation could potentially turn Twitter into a full-fledged Web3 platform, which would be quite well aligned with Elon Musk's vision and plans for further development of the platform.

However, even today the platform is quite friendly to the crypto-world. For example, as recently as last year, Twitter launched a feature that allows you to send your favorite authors a tip in bitcoins. The platform also has the ability to showcase its non-transferable tokens (NFTs) in photos of its profile. It is also possible to link cryptocurrency wallets to their profiles (this applies to NFT, Bitcoin and Ethereum).

If a full-fledged cryptocurrency wallet appears on the platform, and along with it there will be a possibility to send and receive digital assets without the need to connect third-party services, it will be a serious step in the direction of popularizing cryptocurrencies worldwide.

Cutbacks and optimization in Twitter

Along with interesting and promising innovations, Twitter also faces problems: according to rumors, Musk plans to cut three-quarters of the company's employees, optimize the company's bloated, in his opinion, IT-infrastructure and significantly reduce its expenses.

According to some experts, the cuts and drastic changes could have a bad impact on the efficiency of the employees who will remain with the company. But Musk is confident that he can turn Twitter into a flourishing company and will double the company's revenue in 3 years.

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