Satisfied Friday, every person. The tech world is buzzing about a sequence of texts involving Elon Musk and his billionaire buddies that grew to become public as aspect of an ongoing lawsuit more than no matter if the Tesla founder have to abide by via on his previously plan to invest in Twitter. The texts include messages from Joe Rogan and Jack Dorsey, but also from Sam Bankman-Fried and just one of his advisers, who explained to Musk the FTX founder could put up as considerably as $15 billion to be section of the Twitter deal.
Alas, Musk only replied with cursory responses, like, “So long as I never have to have a laborious blockchain discussion,” and is now carrying out all he can to not acquire Twitter. But the episode does raise the appealing dilemma of why SBF, a quant greatest acknowledged for his impressive trading savvy, would want to be portion operator of the huge media platform in the 1st area.
In reaction to a DM from Fortune, a man or woman common with SBF’s imagining sent a link to a Twitter thread from July in which the billionaire decried the fragmentation of social media—noting that you simply cannot talk with your close friends throughout unique platforms like Facebook and Twitter—and that crypto could remedy this. He additional that utilizing “Blockchain-Twitter” and “Facebook-Twitter” would signify “You can use any platform, and still communicate to all your buddies on just about every platform. Your messages, and community, are yours: you can shift platforms and keep them.”
When I interviewed SBF this summertime, he expressed related views, pinpointing social media as one particular of a few killer applications for crypto in the near long run (the other two were payments and settlement). I did not consist of these parts in my tale, but we also talked about how the influential venture capitalist Chris Dixon has shared a comparable thesis and manufactured a significant financial commitment in a social media blockchain referred to as DeSo.
But in the course of our discussion, SBF also extra, “I never believe managing a social and on-chain social media network is like a excellent healthy for FTX as a enterprise,” but that the organization would be keen to assistance this sort of a enterprise as a technological innovation spouse.
It is not tough to see how possessing a piece of Twitter would enable SBF complete this eyesight, particularly as the company’s co-founder and previous CEO Jack Dorsey has currently extra crypto features to the platform, which include NFT profile shots and Bitcoin payments. If SBF bought a huge stake in Twitter, he would no doubt turbocharge this kind of efforts—and in the course of action make the presently out-there group regarded as Crypto Twitter (or CT) even wilder even now.
Any this kind of programs would seem to be on ice for now, having said that, as Twitter and Musk slug it out in court in a bitter again and forth. But when the dust settles, it will be curious to see if SBF renews his initiatives or finds a different way to plow billions into social media—a field in which he is obviously intrigued.
Jeff John Roberts
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