Charles Hoskinson, founder of Cardano, responded to the latest Twitter situation. The cryptocurrency entrepreneur argued that Musk didn't stop to think before pursuing the Twitter deal. Hoskinson said the Tesla boss (Tesla shares – ticker TSLA) regretted the takeover of Twitter.
Elon Musk steps down as CEO of Twitter
Hoskinson shared his thoughts on Elon Musk's resignation as CEO in a recent AMA video posted to Twitter. Cardano founder Hoskinson likened the current state of affairs to the remorse one feels after a one-night stand.
On Dec. 18, Musk conducted a poll on his Twitter timeline asking if he should step down as CEO. The poll ended with 57,5% (17.500.000) of voters asking him to resign. In the tweet, Musk said he "will stick to the poll result." Meanwhile, he has not yet confirmed whether he will step down as CEO. Speculation is rife on Twitter that Musk didn't believe the Twitter community would vote for him to resign.
Meanwhile, Hoskinson believes the combination of "rookie mistakes" and mounting pressure have made Musk's regret over the Twitter purchase worse. Since Musk took control of Twitter, he has implemented several changes, which have attracted huge criticism from users and journalists.
Though the Twitter chief executive hasn't disclosed why he's considering stepping down from his role as chief executive, Hoskinson said it could be a result of pressure from Tesla shareholders.
According to Hoskinson, shareholders want Musk to spend more time on the EV company's progress and less time on Twitter. “We made you the richest man on the planet. Maybe, just maybe, you should be the CEO of our company instead of dedicating your entire day to Twitter,” the Cardano boss said.
We contacted Musk but received no response – Hoskinson
Following Elon Musk's takeover of Twitter on Oct. 28, Hoskinson said he and others in the industry reached out to him to help solve the problem of Twitter impersonation accounts and bots. However, he said Musk paid no attention to them, demonstrating with his hands to close both ears.
"We've been sending videos publicly and privately using all possible channels to tell him about our work on social networks over the past decade, but we haven't been able to get his listen."
According to Hoskinson, in light of investor pressure from Tesla, "Musk is fighting his way out of the situation." Discussing his experience and research on starting a social media platform or business, the cryptocurrency entrepreneur said Musk moved too fast with his Twitter acquisition. However, the Cardano boss did give some pointers to Musk during the AMA session.
He said the billionaire was expected to create a "next-generation social platform" focused on information curation, identity, rewards for good behavior and other advertising models. Once this company started, Hoskinson noted that Musk would buy Twitter, then slowly merge the two companies, move users, and abandon the Twitter infrastructure over time. According to Hoskinson, this strategy would not have "rocked the boat so much".
Additionally, Hoskinson chided Musk for not seeking advice before proceeding with the Twitter acquisition.
