Daring attempt of Elon Musk to take over Twitter fails, Cardano founder Charles Hoskinson has offered to build a new decentralised social media site from the ground up alongside him.
Douglas Horn, the Telos blockchain’s primary architect, jokingly stated that the project will be completed by 2035. A Twitter user remarked that the network would only be able to transmit 10 messages per minute, referring to the myriad technical challenges that have plagued Cardano-based applications.
An offer by Elon Musk
Musk made an unsolicited offer to buy Twitter for $41 billion, stating that the move would defend freedom of speech. He had already purchased a 9.2% share in the business.
The prospect of the world’s richest person, who has publicly trolled, harassed, and intimidated individuals on Twitter, becoming the owner of the very important social media site, has sparked a lot of debate. Musk was criticised by Jackson Palmer, co-founder of Dogecoin, for attempting a hostile takeover of Twitter.
Critics claim that the entrepreneur is far from a free speech messiah and that his true motivation is to retaliate against the Securities and Exchange Commission in the United States (SEC). Musk’s tweets must be pre-approved before being published as part of his deal with the powerful agency.
Plan B of Elon Musk
Musk claimed that he has a “Plan B” in case he fails to take over Twitter. Musk’s bid has been rejected by Saudi Prince Alwaleed bin Talal Al Saud, a major Twitter stockholder. According to reports, the board of directors of the corporation is also opposed to it.
