'Dogefather' Elon Musk Becomes Largest Twitter Shareholder

He sure loves free speech and Dogecoin

Elon Musk is not your typical billionaire. Most of them are quiet, retired businessmen that have staff who run their social media accounts. Musk, on the other hand, has a Twitter account where he sends personal tweets daily. As a result of this, the majority of the world has a pretty good of idea of his views. Among those views appears to be a strong support for blockchain technology.

Elon Musk is arguably the biggest Dogecoin fan in the world. He even named himself "dogefather" before his SNL appearance in spring 2021! During his SNL appearance, he did say Dogecoin was a "hustle." But, that sentiment appears to have left Musk, since he's been genuinely supporting DOGE by allowing Tesla merchandise to be bought with DOGE.

The problems with Twitter

One of the biggest complaints about Twitter is the centralization and lack of transparency. Just like any other big tech company, censorship is a big part of Twitter's core philosophy, given they can suspend or ban any account they choose at any point in time.

Elon Musk believes that Twitter should be the complete opposite of those things. Interestingly, Musk supported Jack Dorsey, who is an avid Bitcoin supporter, as CEO. Musk taking a 9% stake in the company means that he's now the largest shareholder.

Why would he make such a move? It could be that he's preparing to acquire the company and is setting himself up with shares for that situation, or he's simply using his new Twitter stock position as a method of influence. In fact, Musk already made a Twitter poll today asking if there should be an edit button on Twitter, which is a highly requested user feature.

If he owned the company, it's highly likely that he would remove most of the censorship policies like "labels" on tweets, as well as integrate Dogecoin for tips and other features.

Web3 drama

Elon Musk clearly does not consider web3 to be a real thing. Jack Dorsey responds in the same conversation and also agrees. You can't really blame them, though. Web3 is simply a marketing buzzword to describe the evolving technology of the internet.

The thing is, the internet is constantly improving. Nobody says "ok the code looks good enough, web3 has officially started." In fact, why hasn't it started already if there are protocols that claim to be "web3 projects"?

Because it doesn't exist. There is only one web and whether you refer to the next few decades of the internet as web3, next web4, etc. it doesn't change anything.

If Elon acquires Twitter, he will be able to shape this narrative more.

Dogecoin pump?

So far, Dogecoin has not pumped substantially. The coin only went up about one cent before leveling out. It makes sense, because while Elon Musk becoming the largest Twitter shareholder is interesting news, it's a big leap to assume that he will acquire the entire company and integrate Dogecoin. So, it's just pure speculation at this point. 

If Elon was to acquire Twitter, then we'd have a different story.