FTX’s Sam Bankman-Fried Expresses Willingness To Help Elon Musk Fix

Advertisement &nbsp &nbsp

  • SBF is willing to help Musk rebuild Twitter if the board accepts the billionaire’s bid for the firm.
  • The FTX CEO had notably proposed a decentralized model last week.
  • The result of the deadlock between the Tesla chief and the Twitter board remains up in the air.

Sam Bankman-Fried has disclosed that he is willing to work with Tesla Chief Elon Musk to rebuild Twitter if the latter eventually gains control of the company. Notably, just last week, the FTX CEO proposed a decentralized model for the platform.

Blockchain Is The Solution?

FTX CEO Sam Bankman-Fried, SBF, has revealed that he would be interested in playing a role in rebuilding Twitter if Elon Musk eventually takes over the company. In addition, SBF, speaking with Bloomberg, announced that he is very optimistic that blockchain would be instrumental in creating a model that encourages free speech on the platform.

“Maybe as a test case first, I’d be excited to help on the designing and building of it… and potentially helping to manage a network that was looking to do this,” said SBF, elaborating on the specific roles he could play in rebuilding the platform. The crypto executive also expressed his view that the lack of interoperability of social media platforms made the system messy, no doubt another scenario where he believes blockchain technology can play a significant role.

“There’s no ability to see a tweet on Facebook. If you message someone on Facebook, even WhatsApp can’t read it — and that’s the same company. It’s this really messy system where there’s no interoperability between different platforms.”

According to SBF, social media platforms need to create a model that can allow for user moderation and tow the fine line between free speech and censorship. As reported by ZyCrypto last week, the crypto executive had proposed a decentralized model run on the blockchain to solve this problem.

Advertisement &nbsp &nbsp

In the model proposed by SBF, users would be able to create and moderate their UI. SBF at the time said, “Each UI could have its own moderation policy–no longer one person/company controlling speech.”

Support From The Crypto Community And The Current Deadlock

Elon Musk has received a lot of encouragement from a large part of the crypto community since declaring his interest in purchasing Twitter at $54.20 per share. Aside from FTX CEO SBF, Cardano founder Charles Hoskinson has also thrown his weight behind the eccentric billionaire.

In a tweet last week, the Cardano creator expressed his willingness to develop an entirely new and decentralized platform with Musk if the Twitter board rejected his bid. Hoskinson’s tweet read, “Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”

It doesn’t seem likely that the Twitter board will sell the company, at least not without putting up a fight. So instead, the board has adopted the “poison pill” approach, allowing shareholders to bulk up on shares at a discount, increasing their voting power. Currently, the outcome of this battle is anyone’s guess.

Source