Coinbase CEO Brian Armstrong backed Elon Musk’s decision to acquire Twitter.
Elon buying twitter is a great win for free speech, and probably changes the trajectory of the world more than most people realise. Twitter is upstream of media and culture in many ways, and it was trending in a very dangerous direction on censorship.
— Brian Armstrong — barmstrong.eth (@brian_armstrong) April 26, 2022
Elon buying Twitter is a great win for free speech, and it is probably changing the trajectory of the world more than most people realise. Twitter, in many respects, sits above the media and culture, and it has developed in a very dangerous direction in terms of censorship.
This, in Armstrong’s view, would be the ultimate protection against co-option.
Freedom of all kinds is worth fighting for — economic, speech, due process, etc.
We need more companies standing for freedom. The freedom stack.
— Brian Armstrong — barmstrong.eth (@brian_armstrong) April 26, 2022
This is an all-encompassing effort — credit to him for tackling it and for taking on the challenge in a way most people could not even imagine,
said the CEO of the bitcoin exchange.
In early April, Musk became the largest shareholder in Twitter after acquiring 9.2% of the shares for $2.89 billion.
On April 14, he proposed to buy the social network for more than $43 billion. The entrepreneur described this as an intention to create an ‘inclusive arena for freedom of speech’, rather than a money-making move.
Initially, Twitter’s management did not welcome the entrepreneur’s offer and approved a plan to defend against a takeover. However, later it reconsidered its position.
On April 25, the board approved selling the company to Musk for $44 billion. The Tesla chief will pay $54.20 per share. Commenting on the deal, the Tesla head called Twitter a “digital town square,” where vital questions about humanity’s future are discussed.
Earlier, Ethereum co-founder Vitalik Buterin supported Musk’s takeover of Twitter but doubted the overall positive effect of turning media platforms into billionaire ownership.
As previously noted, Bluesky, the project to develop an open, decentralised standard for social networks, stated its independence from Twitter and the controlling shareholder.
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