CZ Offers to Bring Web3 to Twitter
- CZ claims he invested in Twitter because of Musk’s faith in free speech.
- Twitter employees claim Musk’s arrival has brought an atmosphere of fear and distrust within the company.
- The Tesla boss is said to have authorized employees from some of his companies to work at Twitter.
- Hours after his takeover, Musk fired some Twitter executives for allegedly misleading him and investors over the number of fake accounts on the social media platform.
Binance CEO Changpeng Zhao, CZ, has declared his interest in bringing Web3 to Twitter whenever the company feels ready. The new Twitter owner, Elon Musk, received support from the crypto community, and many expect him to move the social media platform in that direction.
While speaking on CNBC’s Squawk Box, CZ, who invested $500 million in the deal, said he supported Twitter because of Musk’s advocacy for free speech. The Binance boss said,
We want to make sure that crypto has a seat at the table when it comes to free speech. There are also more tactical things like we want to help bring Twitter into Web3.
CZ believes charging for payments will be more feasible with blockchain features. Musk’s new Twitter is reportedly working on charging $20 a month for verification.
Musk Introduces Changes to Twitter
Elon Musk’s first few days as Twitter’s new chief have made more headlines than the tumultuous relationship he had with the board leading up to the purchase. The 51-year-old billionaire has introduced drastic changes affecting Twitter’s staff and users at large.
Hours after completing the $44 billion deal, Musk reportedly fired CEO Parag Agrawal and two other executives. The Tesla CEO accused them of misleading him and other investors over the number of fake Twitter accounts. Musk is also said to have disclosed to potential investors that he intended to fire close to 75% of the company’s employees, which would alter the social media company’s operations.
More than 50 of Elon Musk’s reliable Tesla employees, primarily software engineers from the Autopilot team, have joined his control of Twitter. According to CNBC, employees from Musk’s other companies are now permitted to work at Twitter. Musk is said to have also brought in some of his closest allies as he continues to make his mark as Twitter’s new boss.
Musk relies on his lieutenants and friends at Twitter to decide who and what to retain or cut from the social media platform. Some Twitter employees told CNBC that Musk is pressuring his employees from Tesla to quickly grasp all they can about Twitter, including the source code, content moderation guidelines, and data protection regulations, so that he can overhaul the network.
Several Twitter employees have avoided communicating with one another on internal platforms regarding work-related issues due to the atmosphere of fear and distrust. Some of the company’s Slack channels have also stayed silent.
I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.
