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Roundtable Interview: Will Elon Musk De-Monopolize Twitter?

The entrepreneur has discussed open-sourcing the social media platform. It remains to be seen how far he will go.

As his work has brought him close to politicians and policymakers throughout the world, Bitcoin Foundation chairman and blockchain innovator Brock Pierce has gained an an insider perspective on the workings of United States politics. He joined Roundtable to talk about the pandemic, free speech, and civic participation. In this segment, Pierce discusses Elon Musk’s acquisition of Twitter and what it could mean for free speech.

Pierce envisions a future of decentralized, blockchain-based social media platforms, and he is optimistic about Musk’s plan for Twitter.

“I think that Twitter's issues can be addressed, and I think Elon is focused on the right ones, which is why I'd like to see him succeed,” he says. Eventually, that would involve moving away from the current model of privately owned and controlled social media platforms. ”My concern long term is I don't think that we want individuals having that much power.”

For Twitter to become a truly free platform, Pierce argues, it’s necessary to give up the big tech model altogether.

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“We're looking to take the Twitters of the world, the Facebooks of the world, TikToks, Instagrams, WhatsApps, and turn them into public utilities, by putting them into a public database on a blockchain where they don't have a monopoly,” he explains. “Web3 is going to de-monopolize these Web2 businesses and realign incentives to create a world that works for everyone a little bit more. I think just open-sourcing the algorithm, which Elon has already talked about, is a huge event.”

Watch the full discussion below:

Roundtable Guests:

Brock Pierce, Chairman, Bitcoin Foundation