Wed. Jul 17th, 2024

How Elon Musk turned Twitter upside down in six months

How Elon Musk turned Twitter upside down in six months 1
How Elon Musk turned Twitter upside down in six months 1

On October 28, 2022, Musk arrived at Twitter headquarters in San Francisco, starting the journey of turning the platform into a `square of free speech`, where there is greater transparency, fewer bots, and more economic activity.

Image of Elon Musk on smartphone, behind is the Twitter logo.

Famous for his innovative efforts in launching rockets into space and building electric cars, the American billionaire has spent the past half year running a completely new field: social networks.

`If he did nothing but cut costs, maybe Twitter would be fine now,` said Leslie Miley, Twitter’s former technical director and now working at the Obama Foundation.

Miley believes that Twitter could suffer the same fate as MySpace – a social network that was once very famous but is now rarely used.

The `digital square` is broken

For many years, Twitter has differentiated itself from other social platforms thanks to its ability to share real-time and trustworthy news from the accounts of politicians, celebrities or other influential names in each industry.

Many of Musk’s recent moves threaten to weaken that platform’s strength.

Earlier this month, the American billionaire wrote on Twitter that `there should be no different standards for famous people` on social networks.

`You can create a fake celebrity account, then pay $8 to turn it into a trustworthy source. The new policy also helps content posted on accounts with green ticks spread faster. Really dangerous

According to him, this approach will eventually turn Twitter into a place with little freedom of speech, full of fake news, loss of integrity that has created the brand and many other things.

`Twitter has never been perfect, has had many problems before, but remains an important place to share information. Frankly, Musk is systematically destroying it,` Vivian Schiller, former president

Main source of income leaving Twitter

Any social network must operate on the ability to retain and attract users.

`Almost everything Musk promises to do for Twitter, he can do wrong in some way,` Miley commented.

The chaos caused advertisers – the main source of income, accounting for 90% of Twitter’s previous revenue – to also stop cooperating.

According to Sensor Tower data, only 43% of the top 1,000 advertisers on Twitter remained, from September last year to April this year.

Musk’s reputation

Musk has built his reputation by promoting the wave of electric car use with Tesla, or pioneering the conquest of space in the private sector with SpaceX.

`He’s probably trying a different business model with Twitter,` said Luigi Zingales, a professor at the University of Chicago Booth School of Business.

In fact, the new way of doing things is being learned by some competitors.

William Klepper, a professor at Columbia Business School, said that investors will have to sit down and analyze Musk’s actions more carefully before investing in companies he runs.

Last December, Musk said he would resign as CEO of Twitter after a survey on the platform, but he said it would be difficult to find someone brave enough to run this social network.

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