Crypto billionaire Sam Bankman-Fried wants to talk to Elon Musk about Twitter, and says social media's 'broken model' can be fixed using blockchain

Sam Bankman-Fried wants to share his ideas with Musk.

The FTX chief executive said in an interview that the broken model of social media can be fixed with the help of the technology.

What is the moderation policy for all of social media? The people who run three companies choose what they do. He said that it was a broken model.

We saw a social media choose not to censor misinformation in 2016 and get roasted for it.

Bankman-Fried did not say which platform he was referring to. It's possible that it's Facebook, which was accused in 2016 of influencing the US presidential election through its failure to tackle the spread of misinformation.

He said that one of the biggest problems with social media companies is that all platforms are independent. He gave an example of two websites that are part of Meta.

There is no ability to see a post on Facebook. Even if you message someone on Facebook, they can't read it. It is a messy system where there is no interoperability between different platforms.

Bankman-Fried said that he thinks a method of communication on such platforms would be a good way to solve the interoperability issue.

The underlying messages are put directly on the block. In theory, any platform could access those same sets of messages. He said that whether you are using Facebook, or any other platform, they are all drawing on all of the messages.

They are just different ways of living in the same universe.

The founder of the exchange believes that the use of the technology in social media would spur competition. Interoperability between platforms allows for more competition because it means new people can enter the space without being behind in terms of user base growth.

Bankman-Fried said he hasn't spoken to Musk directly about his ideas yet.

He said that he would be excited to hear about it.

Last week, Musk offered to buy the company for $43 billion, saying he would like to improve the company.

If he is able to buy it, the CEO says he would like to make significant changes to the platform. He slammed the social networking site for failing to abide to free speech principles.

A shareholder rights plan and a poison pill are used to ward off hostile takeovers, which is what Musk is attempting to do.

After closing 4.7% lower the previous session, the stock was up less than 1% in pre-market trading. Meta was down after closing higher.