In a recent announcement, Tesla and SpaceX CEO Elon Musk confirmed the appointment of Linda Yaccarino as the new CEO of Twitter, while he himself is set to step back into the role of Chief Technical Officer (CTO). Previously, Yaccarino served as the chair of global advertising and partnerships at NBCUniversal. Now, she is expected to focus primarily on business operations for the social media platform.
Since Musk’s acquisition of Twitter in late October 2022, there has been much speculation about the involvement of cryptocurrency in the platform’s future. Musk’s experience in the digital payment realm, having founded X.com (now known as PayPal) back in 1999, prompted many to wonder if he would spearhead the integration of crypto into Twitter.
However, Musk’s approach seems to lean towards a ‘fiat first, crypto later’ philosophy. This means that despite his interest in digital currency, his primary focus for the time being is to master Twitter’s payments system for his vision of an “everything app” before delving into the integration of cryptocurrencies.
While Twitter’s future direction is under discussion, it’s worth noting the recent challenges faced by the crypto-friendly bank Silvergate. According to a Securities and Exchange Commission (SEC) filing on May 11, the bank laid off approximately 230 employees. This leaves around 80 remaining workers who are set to liquidate Silvergate.
The SEC filing also indicates there will be more layoffs in the coming months. Silvergate’s troubles date back even before the wave of bank failures in March, and the company has experienced significant stock dips due to staffing cuts earlier this year. Speculation also emerged around Silvergate’s financial ties to the bankrupt crypto exchange FTX, which has faced increased scrutiny from U.S. politicians.
In addition, three former Coinbase lawyers have now landed new positions at different firms. For example, Rick Estacio joined Reddit as its legal director, while eTukTuk, a Cardano-powered, blockchain-based electric vehicle and charging station ecosystem, has welcomed three new executives to its advisory board. The team is set to assist with the launch of a network of charging stations and electric vehicles in Sri Lanka.
As the world of blockchain technology, cryptocurrencies, and online platforms continue to intermingle and evolve, it appears that a healthy dose of skepticism and caution remains necessary. True believers and industry experts alike would do well to keep a close eye on developments in the sector and carefully consider the potential consequences and opportunities that may arise from this rapidly changing landscape.
Source: Blockworks
