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Ethereum's Vitalik Buterin Speaks Out Against Hostile Takeover of Twitter

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Sun, 04/17/2022 - 11:45
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Alex Dovbnya
Ethereum co-founder Vitalik Buterin doesn’t want you to root for wealthy people “hostile-takeovering” social media firms
Ethereum's Vitalik Buterin Speaks Out Against Hostile Takeover of Twitter
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Ethereum co-founder Vitalik Buterin has spoken out against attempting hostile takeovers of social media companies.

The billionaire programmer believes that they could have very serious ramifications, according to his recent tweet. He doesn’t rule out that an ethically-challenged foreign government could potentially make such a move.

At the same time, Buterin said that he wasn’t against Musk taking over Twitter compared to leaving things as they are right now.

The Ethereum co-founder claims that Ethereum is “a public utility.” He is convinced that wealthy people should not be allowed to take over social media platforms because they tend to combine low monetization and high levels of influence.

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As reported by U.Today, Musk disclosed his offer to buy Twitter for $43 billion earlier this week, claiming that he would be able to protect free speech after taking the company private. While the cryptocurrency community was mostly very enthusiastic about the billionaire potentially buying the highly influential social media platform, many critics spoke out against the audacious idea. Musk will likely use the social media platform in order to promote his own interests.             

On Friday, Twitter’s board of directors moved to thwart Musk’s controversial bid by adopting a “poison pill” by making it possible for other shareholders to purchase more shares at a discounted price. Now, the Tesla boss will have to come up with an even more lucrative offer in order to pull off a clean takeover, which is highly unlikely at this point.

Musk, however, said that he had a backup plan. Due to the poison bill, the billionaire will have to brace himself for a protracted battle if he insists on taking over Twitter.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.