After thorough debates and rumors, Elon Musk finally acquired the core ownership of Twitter on October 27, 2022. Soon after, the Tesla CEO made some major changes in the organization.
In a Tweet, Elon Musk hinted that there are some ideas in his mind and he will transform the social media platform, such as loosening content moderation and restoring the banned Twitter account by previous management.
In another Tweet, he said that the reason for acquiring Twitter was to create a common digital platform for the future of civilization. He said that his renewed social media platform would be a place where people can debate healthily without any violence.
Before Musk acquired Twitter, the business of micro-blogging websites was decreasing quickly compared to its competitors like Facebook, Instagram, and Tiktok. Twitter was not profitable like other social media platforms, but bankruptcy was still not discussed. Now after the leadership of Musk, there are reports that the CEO told his staff that bankruptcy is around the corner if Twitter does not start making more money.
Increase in Twitter App Downloads
Recent findings revealed that after the new management, there was a spike in Twitter downloads from Play Store and Apple app store. Soon after Musk became the owner, the average number of downloads was around 125,000 per day, which is 42% higher than the previous year.
Research also highlighted that overall user activity increased by 2% around the globe after Musk became the owner of Twitter.
Twitter will no longer recommend Tweets from Non-Blue Tick Users
Another significant change he made after acquiring Twitter was to revoke the blue tick from all the accounts and make this feature exclusive to subscribed members.
To promote the subscription-based blue tick, Twitter will not recommend Tweets from non-verified accounts. Elon Musk announced on Monday (March 27, 2023) and stated that these changes would be effective from April 15, 2023. According to Musk, only verified accounts will be able to have their tweets shown on the For You page.
How can this be the case? It was highlighted by Investment firm Wedbush Securities that Musk overpaid for Twitter’s acquisition. The firm said the actual value of Twitter is $25 billion and not $44 billion.
Things not Going Good After Elon Musk Take Over
Despite all these new things happening at Elon Musk’s Twitter, more than 33 million users are expected to leave the platform. The latest figures show that over 6% of US-based users will leave Twitter this year. Also, currently, Twitter employs 1,800, which is the lowest number after 2012.
Some major problems arise in terms of security and privacy leakage. In January 2023, the email addresses of more than 200 million users were hacked and stolen due to a security flaw in the system. Twitter’s user data was available for free download on the online form to anyone.
Twitter’s CEO responded on the data loss that the stolen data was already publicly available. Similarly, in the second month of 2023, users around the globe were unable to send private messages.
Users around the globe were getting error messages that they have been reached the daily tweet limit. These glitches were reported soon after Google shut down its main servers. Due to these issues, many advertisers, including Chevrolet and Ford, stopped displaying ads on Twitter.
Elon Musk is always unpredictable, and so is the future of Twitter. In the long run, the decisions made by Elon Musk look good as other social media platforms will get inspiration from their decisions, but for now, these are not looking good for the micro-blogging platform. Musk is also hopeful that the future of Twitter is brighter than its current value.
However, keeping the future value on the side, it is a big challenge for Twitter to retain its current users, especially those who were blue tick verified before Musk’s management. We will also see the future of X – the new super app for shopping. This is all happening shortly. There are more than 238 million users. Can Musk retain or expand the number of users? We will find answers to this soon.