What will happen to Elon Musk’s Twitter?

The world’s richest man, Elon Mask’s Twitter, has bought the social media platform Twitter for $4,400 billion, giving rise to extreme drama in the technology business. Almost half of the workers have already been laid off. Starting something new is now in danger. All in all, some have expressed fear about the future of Twitter.

Securities Exchange Commission

Elon Musk told the Securities Exchange Commission on April 4 this year that he bought 9.2 percent of Twitter. Musk has the largest share of Twitter. At first, some on Twitter’s board of directors thought otherwise, but Elon Musk was invited to join the board. Musk also accepted it. Only then did he realize that if he joins the board, he will not be able to take more than 15 percent ownership. As a result, he immediately refused to go to the board. Because Elon Musk was thinking something different.

Later on April 14, Elon Musk announced that he would buy all shares of Twitter for $54.20 per share. The market value of Twitter is about 4 thousand 4 billion dollars. After the price of this influential social media platform was 10 percent higher than the market value, the board tried to stop this buying and selling. A rule was even made so that Elon Musk could not buy the company.

Amazon founder Jeff Bezos

At first, it seemed like another tycoon buying media. In 2013, Amazon founder Jeff Bezos bought the Washington Post for $250 million and in 2018, Marc Benioff, the founder of Salesforce, bought Time magazine for $190 million. Both were bought for cash. However, in an interview the day after the proposal to buy all shares of Twitter,

Musk said that he does not want to buy Twitter for business purposes. Rather, he thinks, Twitter can become a free and independent medium’ for people all over the world. In order not to waste that opportunity, he will buy Twitter.

On April 24, Twitter’s board agreed to Elon Musk’s proposal. Even if everything is fine, Musk once felt that buying Twitter wouldn’t be profitable because of ‘too many fake accounts on Twitter. So he tried to withdraw from the process of buying Twitter. Then the Twitter authorities resorted to the law. Musk finally took ownership of Twitter on October 27.

“Both of Two”

His Twitter profile shows how he started using the social media website in 2009. First tweeted on June 5, 2010. A year and a half after the first tweet, he wrote in the second tweet, “He will go on holiday in Ireland”. Over the next 13 years, his popularity and followers on Twitter grew.

Currently, Elon Musk’s number of Twitter followers is 15 million! He is very aware of his Twitter usage. Musk often dances, teases, and shares memes with his followers on this account. Musk posted his first tweet on Twitter in 2017. He said I love Twitter! In response, Jack Dorsey tweeted Me too. At the time it was posted, a user said you could buy it.

Musk initially started buying Twitter shares on January 31. At the beginning of April, he said, by spending 2.64 billion, by mid-March he had 9.1% of Twitter shares. The day after Musk’s announcement, Twitter’s stock market value rose 27 percent. Executives at Twitter then invited him to join the board of directors.

Blessed hope

Musk announced some plans to grow Twitter’s business last May. According to him, Twitter’s revenue from paid subscribers will reach $10 billion by 2028, double Twitter’s current revenue of $5 billion! Elon Musk’s plans for Twitter included:

User Growth:

In 2021, the number of Twitter users was 21.7 million. Musk believes that Twitter users will reach 60 million by 2025 and 93 million by 2028.

Twitter Blue Tick Subscribers:

Twitter launched the ‘Blue’ tick service last year. For customers get some additional benefits by paying $2.99 ​​per month. Musk hopes that the number of such customers will increase to 159 million in 2028. Then 1 billion dollars in income will come from this sector.

X Customer:

Musk also announced plans for a new paid service. According to him, the subscribers of this new service will be 9 million next year. Musk claims that this number will exceed 104 million in 2028. In a tweet, he wrote — government and commercial users will have to pay a ‘small’ fee to use Twitter.

Data Licensing:

Currently, a major source of Twitter’s revenue is data licensing. Through this service, the customer gets a data facility to analyze tweets of specific genres. Currently, Twitter’s income from the sector is about one and a half million dollars. Musk wants to expand that to $1.3 billion by 2028.

Apart from this, Musk also plans to increase income from new services such as Twitter Shopping, Super Follows, and Tip Creator. All in all, 2028, Twitter’s revenue will increase five times to $2,640 million in 2028, according to Musk.

Lumps in the thought of the mask

Musk’s accounts after the Twitter acquisition have been mixed up. For example, there is no option to increase manpower to launch new services and expand Twitter’s business. The New York Times reported that Musk will increase the number of Twitter employees to 11,072 by 2025.

However, after taking over ownership, Musk began massive layoffs. From this company of 7 thousand 500 employees, 3 thousand 800 workers from their chief executive to office assistants have already been laid off. Some of them lost their jobs while having a meeting on Zoom and some woke up in the morning to find out, ‘Your service is no longer recorded.

Musk thought Twitter’s subscriber base would grow exponentially. But nothing like that happened. Instead, several key users left Twitter. Several companies have stopped publishing their ads on Twitter. Advertisers believe the ‘free policy’ of people cutting and masking will question social media’s universal acceptance.

The ‘paid customer’ or not

Mask’s trump card, has also backfired. Twitter authorities offer the opportunity to add a ‘blue verified’ symbol next to your name for eight dollars a month. Initially, Twitter launched this service only for iPhone users. But for eight dollars, a large number of people started changing their ‘display name (the name they see on Twitter) to different brands.

Naturally, brands are not supposed to like this. Not only that, a large number of people change their display name to ‘Elon Musk’. As a result, it is believed that the system of getting verified in exchange for money is not a good initiative at all.

Indiscriminately firing people has led to Twitter’s censoring of comments. This has allowed opportunists to turn Twitter into a platform for hate speech, defamatory speech, and inflammatory speech. Along with ad revenue, Twitter’s acceptance has also suffered. All in all, Musk is faced with a complex equation.

To be or not to be

It is known that Twitter will have to repay 102 billion dollars from next year against the bank loan of 1 thousand 3 billion dollars. But bringing back advertisers, preventing instability and mistrust across organizations, and preventing the exodus of users to other platforms is no easy feat. So the possibility of Twitter going bankrupt in the coming days cannot be ruled out. Musk himself did not rule out this fear in a meeting with workers on November 9.

It is not right to think that a highly successful social media like Twitter will take off overnight. Because there is no better alternative to Twitter in the world yet. So if Twitter’s existence is in crisis, it will take a long time. Musk’s only headache during that time was the $1,300 million bank loan and its interest.

On the other hand, if Jack Dorsey, along with Sriram Krishnan, is able to prevent the frustration, panic, and insecurity of Twitter workers, the history of Musk’s Twitter scandal will be rewritten.

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