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Elon Musk's Twitter Deal Nears Completion Amid Crypto Wallet Rumors

Elon Musk is expected to finalize his $44 billion acquisition of Twitter by October 28, coinciding with rumors of a crypto wallet prototype. The platform's potential Web 3.0 features could boost cryptocurrency adoption.
Published on 2022-10-26

Elon Musk's Twitter Deal Nears Completion

Elon Musk is set to finalize his $44 billion acquisition of Twitter by October 28, meeting the deadline set by a Delaware judge. The deal, initially agreed at $54.20 per share, is backed by prominent investors including Sequoia Capital, Binance, and Qatar’s Investment Authority. Twitter's stock rose 2.45% to $52.78 following the news.

Twitter Explores Crypto Wallet Integration

Rumors suggest Twitter is developing a crypto wallet prototype supporting deposits and withdrawals. Security researcher Jane Manchun Wong tweeted about the prototype, though no official confirmation has been made. Twitter has already integrated crypto features like Bitcoin and Ethereum tipping and NFT profile pictures, hinting at a Web 3.0 shift.

Potential Cryptocurrencies and Implications

Speculation surrounds which cryptocurrencies the wallet might support, with Dogecoin, Bitcoin, and Ripple being contenders. This integration could enhance Twitter's user engagement and crypto adoption, leveraging its 396.5 million users to promote a micropayment economy.

Challenges and Considerations

While the crypto community is enthusiastic, challenges remain. Twitter faces difficulties in retaining active users, and the failure of Meta's Novi Wallet serves as a cautionary tale. Musk's focus on reducing spam may not involve crypto micropayments as initially considered.

The potential crypto wallet and Musk's acquisition position Twitter at the forefront of social media's evolution into Web 3.0, potentially driving significant changes in user interaction and cryptocurrency adoption.

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