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Vitalik Buterin disagrees with hostile takeovers of social media firms

Vitalik Buterin
Vitalik Buterin

Elon Musk, Tesla’s CEO, has been making headlines over the past week following his cash offer to buy Twitter. It started with Musk’s purchase of a 9.2% stake in the social media company, making him the largest shareholder.

Ethereum’s co-founder, Vitalik Buterin, has joined the list of popular figures in the crypto community voicing their opinion on the matter. Buterin said he does not oppose Musk’s Twitter takeover but thinks it sets a wrong precedent.

Vitalik Buterin opposes takeover of social media firms

In a Twitter post, Buterin said, “Don’t oppose Elon running Twitter (at least compared to status quo), but I do disagree with the more generalized enthusiasm for wealthy people/orgs hostile takeovering social media firms. That could easily go very wrong (e.g. Imagine an ethically-challenged foreign gov doing it)”.

Buterin also added that someone carrying a 5% stake was weak in influencing the company’s decisions and its body. However, he added that the control policy increased by over ten times when that person’s ownership increased to 50%, saying that the situation could be worrying.

Musk announced plans to acquire Twitter last week, and the social media company is fighting to challenge the hostile takeover. It even adopted a “poison pill” policy to make it more expensive and nearly impossible for Musk to take over the company. Binance’s CEO, Changpeng Zhao, said that the “poison pill sounds unfair” to the shareholders.

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Crypto community supports Musk’s Twitter takeover

Elon Musk has been an active participant in the cryptocurrency community. Therefore, his decision to buy Twitter has attracted the discussions of popular people in the crypto space. Justin Sun, the founder of TRON, countered Musk’s offer with a $60 per share price. Musk is offering to acquire Twitter shares at $54.20 per share.

The CEO of FTX, Sam Bankman-Fried, has offered to help Musk run Twitter by taking the platform on-chain. He also illustrated how the move could boost Twitter’s profits. Cardano’s founder, Charles Hoskinson, has also offered to build a decentralized Twitter, eliciting mixed reactions from the community.

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