Tron Founder Justin Sun offered to take Twitter private, just hours after Tesla CEO Elon Musk proposed a $54.20 per share deal to acquire the social media giant.
Sun, who offered $60 a share, agreed to support Musk’s proposed changes to the platform, including an edit button, freedom of speech, a subscription service with a Dogecoin payment availability, and a ban on advertising.
Tron Founder Justin Sun Proposes Crypto and Web3-friendly Twitter
Tron founder Justin Sun announced in a tweet on April 14 that he would make Twitter a better platform by unleashing its full capabilities. Moreover, just like Elon Musk, Tron Founder also wants to make Twitter crypto-dedicated and Web3-friendly platform.
Elon Musk turned down a board seat on Twitter because a board member is not allowed to hold more than 15% of the company stake. Now, he has come out with an SEC filing that reveals an offer to buy Twitter fully for a much more equity value. Musk believes the changes are impossible until Twitter is a public company, and he has no confidence in the management.
On the other hand, Justin Sun wants to make Twitter private and decentralize its workforce, while also making it neutral and less U.S.-centric. Furthermore, he recommends a more open and decentralized Web3 approach for Twitter, making it more open source for developers.
In order to increase user engagement, he intends to develop a mechanism to ban scammers and bots.
But despite offering a higher share price than Musk, Sun has not so far made a formal offer directly through to Twitter.
Dogecoin (DOGE) Price Jumps After Elon Musk’s Offer
Elon Musk, who happens to be a better influencer than the Tron founder, made Dogecoin’s (DOGE) price jump over 5% with his acquisition offer. After the announcement, the price rises from $0.1381 to $0.1463 within just one hour. However, the DOGE price is now trading near $0.142, with trading volume rising 24% in the last few hours.
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