The co-founder of Ethereum, Vitalik Buterin, thinks the Tesla CEO can either make Twitter “really great” or “really terrible.” He warned that if it results terrible then it would give “opportunities for other people to do something great.” Buterine reflected on the largest acquisition in the tech industry by stating that Musk is a “very high variance actor.”
During the Singapore FinTech Festival, the executive said that he is “hopeful in the next five to ten years there’s going to be some kind of better social media platform.” He went on to add it might be “Twitter itself or whether we’ll see a big ground-swelling with alternatives – we could even see both.”
Buterin on ‘Economic Hierarchy’
Ethereum co-founder tweeted: “Pay $8/month and call yourself whatever” would damage the blue check’s anti-scam role”. He continued “if there’s more actual verification, the result is very different.” According to Buterin, the existing system is “far more exclusive than even the $20/month level from yesterday”. He argued how such a procedure would result in an “economic hierarchy.”
Notably, After many twists and turns, Musk finally took over Twitter last Thursday. As his first move, Musk fired Twitter’s CEO Parag Agrawal, CFO Ned Segal, and head of legal affairs and policy Vijaya Gadde. While the billionaire is actively engaged in revamping the floundering social media platform, many are confused by the massive layoffs that followed.
Musk also declared that verified Twitter users will soon be required to pay a fee to maintain their blue tick after sparking debate with his initial actions of laying off the chief staff. Musk has changed the $4.99/monthly Twitter Blue subscription, which grants users exclusive access to premium services to $20/monthly subscription. However, after taking input from many platform users, including Buterin, Musk then reduced the cost to $8 per month to be “adjusted by country proportionate to purchasing power parity.”