Is Elon's 9.2% Stake in Twitter a Web 3 Play?

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 5 April 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Arculus and FTX US. Elon Musk has been talking about Twitter a lot lately. He did a poll asking whether it should make its algorithm open source (80% said “yes”). Another poll asked if Twitter lived up to the principles of free speech, and over 70% of more than 2 million respondents said no. With the announcement today that Musk had purchased a 9.2% stake in Twitter (more than 4x the 2.25% stake of co-founder and former CEO Jack Dorsey), everyone is speculating about what he might do about it. - From cash to crypto in no time with Nexo. Invest in hot coins and swap between exclusive pairs for cash back, earn up to 17% interest on your idle crypto assets and borrow against them for instant liquidity. Simple and secure. Head on to nexo.io and get started now. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, TX. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code BREAKDOWN to get 15% off your pass at www.coindesk.com/consensus2022. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with today’s editing by Rob Mitchell and Eleanor Pahl, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Christian Marquardt/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FtX, and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Monday, April 4th, and today we are talking about Elon Musk,
0:30.9	taking a 9.2% stake in Twitter and why it is in some ways his version of a Web3 play. Before we get into that,
0:40.9	however, if you were enjoying the breakdown, please go subscribe to it, give it a rating, give it a
0:45.6	review, and if you want to get deeper into the conversation, come join us on the Breakers Discord.
0:51.0	It's where we talk about things like Elon Musk buying a big share of Twitter.
0:56.2	You can find a link in the show notes or go to bit. Dotley slash breakdown pod.
1:00.4	Also, a disclosure as always. In addition to them being a sponsor of the show, I also work with
1:05.6	FTX. All right. So some pretty interesting news today.
1:17.8	Elon Musk, the world's richest man, has purchased 9.2% of the bird app.
1:23.0	Now, I think this is a pretty impressive total number no matter what, but just for some reference,
1:26.7	that's four times the amount that Jack Dorsey owns.
1:31.6	Dorsey, the co-founder and former CEO, owns 2.25% of Twitter.
1:37.8	This purchase was made on March 14th and was disclosed in a regulatory filing this morning.
1:42.8	There are, as you might imagine, a lot of dimensions to this that are pretty interesting.
1:46.0	One is the personal wealth dimension.
1:49.0	This was focused on by publications like Bloomberg Wealth.
1:53.8	Elon is actually one of the least diversified, ultra-wealthy people out there,
1:57.3	with the vast majority of his fortune being in Tesla and SpaceX,
1:58.9	and really mostly Tesla.
	...

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