What Next For Twitter In The Crypto Realm After Elon Musk Completes Acquisition

- Elon Musk is set to finalize the deal this Friday.
- Twitter is set to build a new crypto wallet.

Reports are emerging that Elon Musk’s acquisition to buy the social media platform Twitter is now almost over. Elon revealed his intentions of buying twitter earlier this October. The world’s richest crypto enthusiast is set to finalize the acquisition by October 28.

Elon Musk asked the banks assisting with about $13 billion of financing for the deal, that it would be closed by the end of the week, and the banks to have completed the final credit agreement, which is one of the last steps before sending the money to Musk.

Musk has informed his co-investors who are helping him to fund the acquisition by sending over paperwork for the financing commitment which include Crypto exchange Binance, Venture Capital firm Sequoia Capital and Qatar’s Investment Authority. On October 25th during a conference in Saudi Arabia, Binance CEO upholded his decision to backing Musk’s acquisition of twitter.

The latest news from the deal is a court-issued deadline set by a Delaware judge in early October, concerning Musk’s intentions to acquire twitter. Musk is adhering to the deadline and filed his intention to close the deal at $44 billion after previously wanting to back out in July. Elon Musk intends to close the transaction at a price of $54.20 per share. Twitter stock prices jumped on the news, closing at $52.78 a share and up 2.45% for the day.

Crypto Wallets Coming To Twitter

In the past Elon Musk has mentioned his intentions to change many areas of the platform saying that his top priority is to cut down on crypto scam tweets. At one time he attempted to charge users 0.1 Dogecoin, which less than a half cent, but later admitted that it won’t be practical.

According to tech blogger Jane Manchun Wong rumors have emerged that Twitter may be working on a cryptocurrency wallet. Earlier this week she tweeted about the platform working on a wallet prototype that supports crypto deposits and withdrawals

Twitter is working on a “wallet prototype” that supports “crypto deposit and withdrawal”

— Jane Manchun Wong (@wongmjane) October 24, 2022

In the meantime, twitter is struggling to retain its most active users, who log in to the platform up to seven days a week and tweet a minimum of three times a week. Currently, the frequent users are less than 10% of the total monthly overall users, and they account for a massive 90% of all tweets on the platform and around half of Twitter’s global revenue.