From court documents it became known that Elon Musk was not the only person interested in buying Twitter. The head of the FTX exchange, entrepreneur Sam Bankman-Fried, suggested that Musk introduce blockchain into the social network.
The head of Tesla dismissed the idea, citing the peer-to-peer network’s inability to support bandwidth requirements. If they could, another problem would arise – such a network cannot be decentralized.
Elon Musk’s acquisition of Twitter has become one of the hottest topics this year. The billionaire intended to acquire a social network for $44 million in order to ensure freedom of speech. The released documents also showed that Sam Bankman-Fried was willing to invest up to $5 billion.
The deal, however, fell through due to a conflict between the parties. Elon Musk demanded a thorough audit from the management of Twitter when he discovered the real numbers of fake accounts. The dispute was taken to court and is still being resolved.
Musk is due to testify in October, but a series of reports released could shed light on why the deal fell through.
A few days before the offer to buy, the billionaire admitted in one of the messages that he wants to create a new social media company based on the blockchain.
The forty-page messages feature the names of public figures and entrepreneurs who expressed their admiration for Musk’s ideas.
Despite the aforementioned message to the head of FTX, on April 9, the billionaire shared with his brother that he had an idea how to use the blockchain in the fight against the issue of free speech on Twitter. According to his idea, the user must pay a certain amount in order to publish a tweet, which will be fixed on the blockchain. This concept, in which a user cannot delete a tweet from the blockchain, is, according to Musk, freedom of speech.
In a correspondence with his brother, Musk receives an offer to develop his own Twitter token, thanks to which users can post tweets.
On the same day, Musk wrote to the current management of Twitter to await an offer to sell the company to private hands. Prior to this, Twitter CEO Parag Agrawal had asked Musk to stop tweeting.
Despite the fact that the management agreed to the deal, the tension between them began to grow.
It also appears from the text messages that Musk was aware of Bankman-Fried’s desire to acquire Twitter, and even talked to him about it (before sharing his blockchain ideas with his brother). This whole situation is vaguely reminiscent of the plot of the movie “The Social Network”.