Reports have revealed that FTX founder, Sam Bankman-Fried tried to invest up to $15 billion in Elon Musk’s acquisition of Twitter.
Elon Musk reportedly rejected FTX CEO's offer of up to $15 billion to provide financing for the Twitter acquisition.— Watcher.Guru (@WatcherGuru) October 29, 2022
In a series of text messages made public during the Twitter lawsuit, it was disclosed that a representative of the crypto billionaire, Will MacAskill, had texted Musk stating that SBF is “interested in purchasing it and then making it better for the world.”
Musk responded to the text asking if SBF has lots of money and MacAskill claimed that the crypto billionaire was worth $24 billion and willing to invest between $8 to $15 billion in the deal.
SBF Wanted to Integrate Blockchain Tech Into Twitter
There were other interactions between Musk and SBF and it appears that the FTX founder wanted to integrate blockchain technology on the social media platform. But the world’s richest man appeared disinterested in the idea which he described as laborious.
However, it appears that several executives in the crypto and financial sector were interested in the idea. But Musk doesn’t seem to share their interest in the idea.
He reportedly told Morgan Stanley banker Michael Grimes that, “Blockchain Twitter isn’t possible, as the bandwidth and latency requirements cannot be supported by a peer-to-peer network, unless those ‘peers’ are absolutely gigantic, thus defeating the purpose of a decentralized network”.
Meanwhile, many believe that Musk’s acquisition of Twitter could lead to more crypto integrations. Some expect this particularly
Following the announcement of the acquisition on Friday, October 28, Musk has already announced some of his plans for the social media platform which include forming a content moderation council.
Although Musk turned down the idea of a blockchain social media platform, some crypto-focused entities invested in the purchase. Binance announced that it invested $500 million in the purchase.
Twitter Embracing Crypto
Reports have emerged that Twitter is making several pro-crypto moves recently. The social media platform partnered with four leading NFT marketplaces to test the Tweet Tiles widget. The platforms include Solana-centric Magic Eden, Ethereum-based Rarible, Flow blockchain creator Dapper Labs, and sports-inclined platform Jump.trade.
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