Tron Founder Justin Sun has proposed a competitive counteroffer for social media giant Twitter, just hours after billionaire Elon Musk made his bid public.
TWTR is up 3.50%, TRX up 2.17%, and DOGE up 3.53%.
Sun proposed to acquire Twitter at $60 per share, seeking to compete and outbid Musk’s earlier offer of $54.20 per share or equivalent to an estimated transaction value of $43 billion.
Sun is of the same view as Musk that Twitter should implement changes such as adopting an edit feature, a ban on advertising, subscription services with Dogecoin payment options, and boosting freedom of speech.
Sun made his announcement in a post on Twitter, as he said he wants to improve Twitter, by establishing the social media firm as a platform dedicated to cryptocurrencies and Web3.
The businessman also intends to take Twitter private, and decentralize its workforce. He also plans to make Twitter less centered in the United States, and make the platform neutral, while banning spammers and bots.
Sun has yet to make a formal offer to Twitter.