The importance of social media platforms in influencing global politics was first highlighted by the rise of Facebook (later rebranded Meta), which was accused of manipulating information based on user demographics, as reported by Cointelegraph.
According to Cointelegraph, Twitter, which Elon Musk recently purchased, got the short end of the stick when US President Joe Biden accused the website of spreading lies.
In a fundraising event in Chicago, Biden stated, “Now what are we all worried about? Elon Musk goes out and buys an outfit that sends and spews lies all across the world.”
Biden further stated that “There are no editors anymore. There are no editors. How do we expect kids to be able to understand what is at stake.”
Musk’s immediate plan for Twitter includes charging a $8/month fee to users who want to keep their account verified.
Changpeng “CZ” Zhao, CEO of crypto exchange Binance, contributed $500 million in fiat currency to Musk’s Twitter acquisition drive.
Binance has announced plans to form a team to support Twitter’s blockchain efforts; however, an official announcement is still pending.
(With insights from Cointelegraph)