Charles Hoskinson, the founder of the Cardano blockchain, has tweeted his support for Elon Musk’s takeover of Twitter, claiming that he expects the latter to become a significantly better company.
Hoskinson claimed in a post on April 25 that Tesla CEO Elon Musk was the only person who has committed to eliminating crypto scam giveaway bots on Twitter “or die trying.” As a result, Hosk anticipates a big improvement in this social media network under its new management.
Earlier, Cardano and the IOHK founder tweeted that if Elon’s attempt to buy Twitter was denied, he would be willing to work with Elon to establish a decentralized social media site from the ground up.
Meanwhile, it was announced yesterday that the Twitter board of directors had approved Musk’s purchase for $44 billion in cash. Some speculate that Musk will have to sell some of his Tesla stock to pay for the purchase.
According to a press release, Twitter stockholders will receive $54.20 per share in cash for each share of Twitter common stock they own under the terms of the agreement. The agreement has been unanimously approved by Twitter’s Board of Directors, and it is likely to finalize later this year, pending stockholder approval.
Twitter is likely to become a privately held corporation following the completion of the purchase, ending its nine-year stint as a publicly traded firm on the New York Stock Exchange. The purchase price is 38 percent higher than Twitter’s closing stock price on April 1 — the last day Musk revealed his 9% investment in the social media business.
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