Twitter rips Elon Musk’s new ‘Ponzi scheme’

[ad_1]

“Oh, you said you wanted them to fix the crypto spam? How cute.” Trust Artist

Elon Musk is pushing ahead with his plan to turn Twitter into an “everything app” by introducing stock and crypto trading options to the social network and tons of platform denizens are crying foul.

Twitter is partnering with social commerce company eToro, CNBC reports, to provide financial services on the site, allowing users to buy and sell stocks, crypto and other digital assets.

These new capabilities, along with expanded market information, will be accessible through the site’s already existing cashtag system, which Musk has reportedly been building towards since early 2023.

While many fans of Musk and the Bitcoin brothers are unsurprisingly excited about the move, others are far more skeptical.

“What could go wrong,” the Whiskey Hell podcast account tweeted.

cute moves

Considering the direction the crypto world and Twitter have taken lately, it’s hard not to consider this a controversial move. Also, crypto scams have been a mainstay on the platform, with Musk impersonators claiming they give away Bitcoin.

Last year, Musk promised to drain Twitter’s swamp of crypto scams before buying the company, but the platform is clearly still riddled with them months later.

Now users are concerned that by allowing users to trade cryptos directly on the platform, Musk could potentially invite even more of these scams.

“Oh, you said you wanted them to *fix* the crypto spam?” journalist Jacob Silverman joked. “It’s cute.”

Another user joked that “the Ponzi scheme is getting bigger,” a reference to the widespread belief that crypto is secretly a pyramid scheme.

To advance

Others accused the billionaire CEO of turning Twitter into a bloated mess.

“Before, the saying was that every app grows until it can send emails,” another user said. “Now every app grows to its DraftKings,” referring to a popular sports betting app.

Whether or not Twitter is on its way to becoming a trashy online casino, the move could be seen as a last-ditch effort to keep the site from hemorrhaging money.

Then again, the “pivot to crypto” is a proven method for the desperate, isn’t it?

More on Elon’s Twitter: Elon Musk complains that buying Twitter was emotionally ‘painful’

[ad_2]