Regardless of how you feel about the new owner of Twitter, Elon Musk is in the hot seat and has come under fire due to the decisions he's made for one of the biggest social media platforms around. The acquisition took months of review from Twitter, Elon and the justice system to ensure all regulatory requirements were met. No one knew exactly what Elon's Twitter would look like, but the current rate at which it seems to be dropping in popularity is unexpected given the $44 billion price tag Elon paid for the company.
Elon's Original Plan
As with most of his endeavors, Elon plans to make Twitter a "super app" with longer-form content and even a payment system. If you've used Facebook or Instagram over the years, you've likely noticed that the inclusion of marketplaces, storefronts and secure payment processing has become commonplace. His goal is to make Twitter the most popular and entertaining app on the market, a central hub for communication, creativity and commerce.
Whether he'll be able to make this plan a reality before the company loses its users to another platform is up for debate. What the world has seen so far hasn't given people much hope for the tech mogul's aspirations, from the initial lawsuits during the acquisition to Elon immediately firing multiple executives in a bid to pivot the company toward a new direction. Additional layoffs were also administered as a form of cost-cutting, with over half of Twitter's workforce being let go.
Layoffs Were Only the Beginning
While Twitter employees were reluctantly leaving the company, organizations and advertisers were also parting ways. The legendary blue checkmark verifying accounts as companies, celebrities or other well-known entities turned into a paid subscription. Since a majority of users associate the checkmark with a verified company, parody accounts quickly popped up using famous names such as LeBron James and Nintendo. These impostors would purchase a checkmark and post false information or shocking statements with users assuming they were from the actual account due to the checkmark.
Multiple companies saw stock prices drop after false information was posted under their name, prompting advertisers to pack up and leave before their business became associated with the new style of Twitter. Despite all of these issues, Elon is pushing forward to create his universal app, which seems to be geared toward a social media metaverse. Users will be able to play games together, share their art, purchase products directly through the platform and everything in between.
It’s Only Up From Here
If there's one thing Elon has proved he can do, it's finding the resources and people to push technology to new levels. Right now, it seems Twitter is at an all-time low regarding interest and corporate partnering, but that doesn't detract from the legacy the platform has. Millions of users are still engaging on Twitter despite the controversies, and those who have left haven't forgotten about their once-beloved platform. With the right decisions from Elon, Twitter could become something brand new that brings everyone back in addition to new users. Otherwise, there won't be an audience to fill his super app with once his plan is complete.
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