When Elon Musk acquired Twitter on October 27, 2022, for a staggering $44 billion, it signalled a transformative moment in the platform’s history. Musk, well-known for his ambitious projects and off-the-wall ideas, has quickly demonstrated that under his leadership, Twitter’s bird will not merely tweet—it will squawk, and often with controversy. It started with huge job losses, that have left the entire technology sector in shock and very recently, a rebranding to X, something that is claimed Musk wanted to do at his time at PayPal has given a completely new look and feel to Twitter.
In less than a year, the billionaire entrepreneur has piloted a sea of changes, some of which have not only altered Twitter’s operational model but have also sparked intense debates about the platform’s societal role.
Dismantling the Cage: A New Era of Free Speech?
The key change Musk made upon acquiring Twitter was dramatically loosening the platform’s content moderation policies. Musk, an outspoken advocate for unrestricted speech, has argued that Twitter should become a bastion of free expression. This liberalisation, however, has resulted in a marked increase in hate speech and misinformation according to some, leading critics to question the ethics and consequences of such a policy shift.
Musk has also expressed a desire to transform Twitter into the “new WeChat,” emulating the Chinese app’s all-encompassing service range. WeChat, with its 1.2 billion users, is more than a social media platform; it’s a lifestyle application that caters to everything from communication and payments to bookings and gaming. Realising this vision would involve a significant overhaul of Twitter’s functionalities, potentially adding features such as an in-app payment system, appointment bookings, and increased data security measures. But if successful, which Musk has been in lots of his projects, would be revolutionary for many economies, and the fortunes of Twitter in many countries.
Cost of Efficiency: Reducing the Workforce
Under the banner of increasing efficiency, Musk trimmed Twitter’s workforce by an alarming 30%, translating to the loss of approximately 3,000 jobs. The rationale behind this downsizing is to streamline the company’s operations, but the decision has undeniably affected the morale of the remaining workforce and raised questions about the company’s future direction. The “layoffs” led to a number of headlines across the media, with some employees disappointed at how it was handled. Musk has defended himself by suggesting that the layoffs have been necessary to turn the company profitable, something that is imperative for any company’s long-term financial success.
A Fresh Coat of Paint: User Interface Redesign
One visible change for Twitter users has been the platform’s redesigned user interface, marked by a revamped home page and innovative ways of displaying tweet replies. These updates, while not universally lauded, certainly freshen up the platform’s aesthetics and navigability. Musk has alluded to introducing novel features to Twitter. An edit button, a long-standing request from the Twitter community, is finally on the cards. He has also discussed the possibility of a new system to verify users’ identities, adding an extra layer of authenticity to the platform.
Perhaps more controversial is the rebranding of Twitter, a proposal that Musk has floated publicly. Users who have grown attached to the platform’s blue bird symbol have been left disappointed with its change to an X symbol.
Evaluating the Impact: Twitters Imaginary Share Price
In the wake of these rapid changes and a high degree of volatility, it’s challenging to pinpoint what Twitter’s share price would be, were it still publicly traded. The company has navigated several obstacles, including declining user growth, increased competition, and even legal action from the U.S. Securities and Exchange Commission (SEC). These headwinds would likely have weighed on the company’s share price.
However, Musk’s acquisition and willingness to invest and innovate could lend stability and growth to the platform. Twitter’s strong brand and profitability could also play a role in bolstering its value. Given the fluctuating dynamics of market conditions, predicting Twitter’s exact share price remains an elusive endeavour.
Navigating the Twitterverse
As of August 1, 2023, the long-term impact of Musk’s ownership of Twitter is yet to be determined. It’s clear, however, that significant changes have already transpired, and more are expected. With Musk at the helm, Twitter seems to be on an unpredictable flight path, navigating between its past as a public entity and its future as a privately-owned, and potentially dramatically transformed, social media platform.
Whether Twitter becomes the global equivalent of WeChat or merely remains a controversial hub for unrestrained discourse, one thing is certain—it will be intriguing to watch the metamorphosis under the watchful eye of its maverick owner, Elon Musk.
As we embark on the journey through the evolving landscape of Twitter under Elon Musk’s leadership, we are witnessing a series of bold moves and consequential transformations. In the previous analysis, we dissected the complex saga between NatWest and Nigel Farage, revealing the intertwined nature of business and politics. In this instance, we see the powerful influence one individual can have on the trajectory of a major technology platform.
From altering free speech policies to initiating significant job cuts, Musk’s actions are reshaping Twitter’s societal role and business model. In this era of rapid changes and unpredictability, it is more crucial than ever for investors, users, and stakeholders to stay informed and make astute decisions in navigating the digital ecosystem.
