Cardano founder Charles Hoskinson has made a renewed interest in purchasing news outlet CoinDesk. This renewed interest came after the platform’s issues, with Hoskinson making jest of their operations with the new potential bid. In a recent post, the Cardano founder replied to a user’s tweet about the outlet’s issues, with Hoskinson asking for the firm’s current valuation.
In his tweet, he reminisced about his desire to buy the news outlet, asking about its price now. “Remember when we thought about buying CoinDesk? I wonder what the price is these days,” he asked. The incident began after the media company’s parent company, Bullish fired three editors over a piece they did on TRON founder Justin Sun.
Bullish shakes up its newsroom, axes editors
According to reports, Bullish carried out major changes in its newsroom, firing editor-in-chief Kevin Reynolds, his deputy Nick Baker, and ethics and standard head Marc Hockstein on Friday. The decision came after weeks of turmoil at the company, following the removal of an article about Justin Sun’s purchase and consumption of a banana for $6.2 million.
The article also talked about Sun’s legal woes, highlighting his issues with the SEC, one that he has disputed. According to inside sources, Sun’s team put pressure on Bullish to remove the article because of its damaging undertone. Bullish CEO Tom Farley approved the removal, without involving his editing team. According to an email from CoinDesk CEO Sara Stratoberdha, the company made the move to cut costs, a move that has been regarded as one to control damages.
The email, which was leaked, highlighted the company’s belief in journalistic independence, noting that their departure and the subsequent restructuring will boost productivity. A senior staff member claimed the news was devastating, noting that aside from the staff being the life of the newsroom, Bullish cared more about pleasing sponsors. Another staff highlighted that morale is low at CoinDesk, with most staff exploring opportunities elsewhere.
Sun’s debacle and Cardano CEO’s CoinDesk bid
According to reports, Justin Sun’s influence within the ranks at CoinDesk was used to influence the removal. TRON is one of the major sponsors of CoinDesk’s Consensus conference, which made its debut in Hong Kong this year. The timing also coincides with Bullish’s plans for an initial public offering. Former Wall Street Journal editor-in-chief Matt Murray, who was given the job to head its editorial team also resigned in protest.
Meanwhile, Hoskinson would have purchased CoinDesk in January, save for the staggering $200 million fee attached. At the time, he argued about the valuation, noting that a decentralized competitor could be built for $5 or $10 million.
Hoskinson has been critical of print media, highlighting bias and inaccuracy. He said outlets could use veracity bonds, where they will earn or lose money based on the accuracy and truth of their news. CoinDesk had been the go-to option for news, especially crime reporting. The outlet was one of the few that reported FTX’s corruption in 2022.
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