Coinbase CEO Praised Musk’s Twitter Purchase As A Win For Free Speech

Coinbase CEO praised Musk’s Twitter purchase saying it is a huge win for Free speech and cited a very dangerous trend towards censorship on the social media platform so let’s read more in our today’s Coinbase news.

Billionaire Tesla CEO Elon Musk just purchased Twitter a few days ago and is expected to bring free speech to the social media app. He is now finding support from the coinbase CEO as one of the crypto industry’s biggest exchanges. The Coinbase CEO praised Musk’s purchase and wrote:

“Elon buying Twitter is a great win for free speech, and probably changes the trajectory of the world more than most people realize. Twitter is upstream of media and culture in many ways, and it was trending in a very dangerous direction on censorship.”

Following a week of back and forth, Twitter eventually accepted Musk’s $44 billion bid to take over the company and it all started with the SpaceX CEO acquiring a 9.2% stake in the social media company. A day later, the CEO of Twitter Parag Agrawal announced that Musk will join the Twitter board of directors. Musk informed Twitter that he will not be joining the board five days later, he made a formal offer to buy the company for $43 billion because Twitter has extraordinary potential. His reasons for buying the company stem from the concerns around censorship and removing rampant spambots and introducing an edit button while also making Twitter’s code open source.

Achieving all this will be a huge turnaround job added the Coinbase CEO. He offered Musk props for executing it and taking on the challenge in a way most people can’t even contemplate. Armstrong added:

“Hopefully, Twitter can be converted to a decentralized protocol over time.”

Bluesky which is a Tiwtter-backed project to create an open and decentralized standard for social media by Jack Dorsey announced that he remains unaffected by Musk’s purchase of the social media giant.

Back in 2019, Dorsey was still CEO of Twitter and he set in motion a plan to develop an open and decentralized standard for social media that will explore elements of web3 and crypto. The effort came to be called Bluesky and gained steam in 2021 with an ecosystem review of decentralized social media apps and the appointment of Zcash veteran developer Jay Grabber as the lead.