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Twitter in State of Flux as Elon Musk Toys With Vacating Position

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Elon Musk’s Twitter takeover in late October was followed by mass layoffs, new policies, and promised upgrades to Twitter. Barely two months at the helm, Elon Musk seems interested in relinquishing his CEO position.

Several policy change decisions at Twitter have been voted on in Twitter public polls created by Elon Musk. For example, the decision to reinstate the Twitter account of former US President Donald Trump was based on the results of a Twitter poll. Mr. Trump was banned on the microblogging platform “due to risk of further incitement of violence.”

Source: Twitter

Musk has mentioned new policies, including making the Twitter blue verification checkmark available only to paid monthly subscribers, and granting a “general amnesty” to the platform’s suspended accounts, among others.

Much of the promised technical reforms at Twitter are yet to be seen. On December 16, users complained about a Twitter Spaces—Twitter’s live audio serviceglitch; Elon Musk responded that the issue was being fixed and a legacy bug was to blame for the glitch.

Musk Seeking a Successor?

In his polls-creation style of seeking the public’s opinion on affairs concerning Twitter, Elon Musk created a Twitter poll on Sunday in which he wrote, “Should I step down as head of Twitter? I will abide by the results of this poll.” The final result of the poll show over 17 million votes, with 57% of votes in favor of Elon Musk stepping down as head of Twitter.

Changpeng Zhao (CZ), CEO of Binance, responded to Elon Musk's poll; CZ said, “No, stay the course,” indicating that he would like Elon Musk to continue as Twitter’s head. Binance had been identified in a SEC filing as one of the parties that helped to finance Musk’s Twitter takeover bid. Binance made a $500 million commitment.

Edward Snowden, the US National Security Agency (NSA) whistleblower, in a Twitter quoted response to Elon Musk expressed interest in succeeding Elon Musk as Twitter's head. Snowden said, “I take payment in Bitcoin.”

Elon Musk seems to have reneged on his promise of abiding by the final results of the Twitter poll. In a Tweet responding to a user’s statement, Elon Musk said, “No one wants the job who can actually keep Twitter alive. There is no successor.”

Twitter, The Crypto Community’s Biggest Platform

Of all social media platforms, Twitter has the largest amount of crypto content and crypto-related interactions. An NFT collector or artist likely announces his new NFT collection first on Twitter. Crypto project teams share most project updates and events on Twitter; it is also a great platform for customer support teams to attend to and interact with customers in real-time.

Daily, a whole lot of crypto-related views are discussed on Twitter. The platform’s “breaking news approach” and the potential for information to spread rapidly on the platform make it a great choice for citizen journalism, as witnessed recently in the wake of the FTX fiasco.

The broader crypto community on Twitter is fondly referred to as Crypto Twitter. In the broader community are Bitcoiners, the XRPArmy, the LUNCArmy, and several others. These fraternity-like names are coined by the supporters or followers of specific crypto projects. These names are often used in a supporter’s Twitter bio to denote their “crypto affiliation.”

One of the confirmations of the huge popularity of crypto-related marketing and discussions on Twitter is the custom Bitcoin emoji (the letter B with two vertical strokes – ₿) introduced by Twitter over two years ago. The Bitcoin character had previously been approved and added to the Unicode Standard, in 2017.

Crypto Twitter also harnesses the power of hashtags to stay up-to-the-minute on the latest crypto trends. Twitter has been and remains crypto's biggest social media platform. The introduction of decentralized social media apps (dApps) has not yet taken away Twitter's influence on crypto.

Mandela has been a cryptocurrency enthusiast since 2017. He loves coding and writing about emerging technologies. He has an in-depth understanding of distributed ledger technology and the Web3 technology stack. He enjoys researching new cryptocurrency projects.