The latest on Elon Musk and his new pet bird.
Elon Musk took over Twitter, here are the latest developments!
For a very long time, Twitter has been the main platform for debates, but also real time reactions to various events and for sharing personal opinions. However, things started changing drastically, especially in the last year. Then we had Elon Muskagreeing to acquire Twitter for a huge 8 figure deal that was unprecedented. And while there was some back and forth, now Elon Musk owns Twitter. And it’s safe to say that he already started making some changes.
Charging for the verification button
One of the first things that Elon Musk decided to do was to charge people that want to be verified on the platform. The $8 charge would be monthly, and it would allow you to keep the verified status among with other perks. The problem is that as soon as this went live, impersonators for major companies and famous people started to emerge. So it quickly become more op a scandal than anticipated. Needless to say, people are not excited about the idea of paying for having a rather useless verification badge.
Massive layoffs
As soon as Elon Musk became the CEO, he fired around half of the 7500+ people hired by Twitter. The fired employees initiated a class action lawsuit as a response, saying that a short termnotification like this is illegal. Jack Dorsey who is the founder of Twitter, as well mas all the managerial team were the first ones to be fired. Dorsey even said that he grew the company toomuch and that he is responsible for the issues.
Plans to transform it into a payment platform
We all know that Elon Musk has lots of experience when it comes to creating and managing payment platforms. Although the future of Twitter is unclear, Musk does want to integrate a great payment system in Twitter or actively make Twitter the payment system. He is also a supporter of Dogecoin, which seems to be the first digital coin supported by the platform.
He overpaid for it
Elon Musk paid $44 billion to acquire Twitter and it seems that the company had more than $13 billion in debt to acquire it. Yet Musk says that he is not here to focus solely on profit. He wants to transform Twitter into a platform that will help humanity.
At least for the time being, Twitter not doing that great, in fact it’s in the worst place it was in 2022. From half the staff being forced to resign to the others not being able to work remotely and the negativity surrounding the $8 per month verified checkmark, it’s safe to say that Elon Musk’s decisions for the time being are not doing that well with people.
Yet only time can tell what vision Elon Musk has for Twitter, and we can only assume it has to do with him making it a major player in the digital payment world. Will Twitter get back to the fun, creative platform focused on communication and debates? Only time can tell, but we do hope that will be a reality!