Twitter is losing money fast, and new owner Elon Musk is doing everything he can to make a profit.
Twitter was a force to be reckoned with, the social media app prioritized sharing information, making it one of the most popular ways to access news in real-time. Used by journalists, politicians and celebrities alike, Twitter has encapsulated the global community.
In April of 2022, Elon Musk made an unsolicited offer to buy Twitter for $44 billion, stating his goal was to shape Twitter into a platform for free speech. Later tweeting
Twitter, however, has failed to turn a profit for eight out of the last ten years. A myriad of
cash-flow problems plague the app; with user growth and engagement dwindling, the company reported a net loss of 221 million in 2021.
Musk is determined to change that- introducing different and controversial ways to generate revenue for the app.
“Twitter has had a massive drop in revenue, due to activists groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists.
Extremely messed up! They’re trying to destroy free speech in America.’ Said musk
The billionaire proposed a verification subscription that would work with the already existing “Twitter Blue” service. Effectively charging people who have already acquired the illustrious blue checkmark a monthly fee, and opening verification to all users who choose to subscribe to the service.
The proposal caused turmoil on and off the app with author Stephen King stating “ $20 a month to keep my blue check? Fuck that, they should pay me. If that gets instituted I’m gone like Enron”
The author’s stark refusal prompted Elon to lower his initial fee proposal of $20 monthly to a mere $8 monthly subscription.
Musk plans on dismantling the “lords and peasants” system he believes verification promotes within the Twitter community, however, many users disagree with his analysis of verification, instead critiquing the plan. Prominent users raised concerns about legitimacy and safety on Twitter, with the impersonation of verified users at the top of the list.
Celebrities and content creators have taken to impersonating Musk on the social media platform he now owns. Sparking outrage from the newly installed twitter CEO,
“Going forward, any Twitter handles engaging in impersonation without clearly specifying
“parody” will be permanently suspended”
Author Hank green now titled “Hank Green is Changing His name while he can” on Twitter “ I feel like I, specifically am being bated”
It’s unclear how long Musk will lead Twitter as he continues to have trouble with the sarcastic nature of the app. Celebrities and content creators continue to mock his innovations in real-time.
Alexandria Ocasio- Cortez tweeting
“Lmao a billionaire earnestly trying to sell people on the idea that ‘free speech’ is actually a
$8/mo subscription plan”
Twitter is in desperate need of new users; in a bid to draw new attention to the app, Elon musk created a Twitter poll to measure how well bringing the once popular video app Vine back into use would fare. This conjunction with Twitter could drum up the new user base the app needs to survive.