Should the offer Elon Musk made to Twitter be rejected, the founder of Cardano, Charles Hoskinson has proposed he be the backup plan.
Charles Hoskinson, the founder of Cardano, has suggested co-founding a new decentralized social media site with Elon Musk, the CEO of Tesla in the event that the billionaire’s daring bid to take over Twitter does not pan out.
@elonmusk Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one
— Charles Hoskinson (@IOHK_Charles) April 14, 2022
The Telos blockchain’s chief architect, Douglas Horn, joked that 2035 would be the year of the completion of the project, while another user on Twitter quipped that there would be a 10 message per minute limit on the network, throwing shade at the Cardano-based apps and the recent technical glitches.
As Crypto Academy reported on April 14, Elon Musk made an unsolicited offer of $41 billion to acquire Twitter, stating that the deal was aimed to safeguard free speech, after having bought a 9.2% stake in Twitter. The prospect of the world’s wealthiest individual, who has publicly trolled, harassed, and intimidated others, becoming the owner of the immensely influential social media site sparked widespread outrage.
The hostile takeover attempt by Musk was chastised by Jackson Palmer, the co-founder of Dogecoin (DOGE).
Many critics believe that Elon Musk’s true motivation is to exact revenge on the United States Securities and Exchange Commission (SEC) because he is far from an advocate of free speech. Elon Musk’s tweets must be pre-approved prior to publication as a condition of his settlement with the powerful regulator, who he is attempting to evict.
Musk is unsure whether he will prevail in seizing control of Twitter but claims to have a backup plan. Saudi Prince Alwaleed bin Talal Al Saud, a major shareholder in Twitter, has rejected Musk’s proposal. Additionally, the company’s board of directors is apparently unwilling to take the offer.