Elon Musk revealed his controversial overhaul of X, previously known as Twitter, may fail in a post on the site.
Elon Musk’s latest announcement comes following the sweeping changes he’s made to the social media platform since buying it for $44 billion in October 2022.
In February 2023, the South African-born entrepreneur cut Twitter’s workforce down to under 2,000, a sharp fall from the 7,500 employed when the billionaire first took over.
He then caused further alarm among users by getting rid of legacy blue ticks as part of his move to switch up the platform’s verification system.
Legacy blue ticks were originally given to verified accounts belonging to people of public interest including celebrities, politicians and journalists, but following Elon Musk’s takeover, only those subscribed to Twitter Blue can keep a blue tick, while businesses must now pay for a gold tick.
This decision came as part of Elon Musk’s efforts to get rid of the so-called lords and peasants system for those who do or don’t have a blue checkmark.
Elon Musk said that the sad truth was that there were no great social networks right now and they may fail, as so many predicted, but they would have least tried their best to make sure there was a least one.
Elon Musk admits X (Twitter) may fail and blames the fact there are no great social networks right now despite sacking 80 per cent of staff, charging for verification and changing the name.
The 52-year-old announced his intentions to remove users’ ability to block other users across every facet of the social media site, except private ‘direct messages’.
Elon Musk’s comments caused an outpouring of concern from the site’s users, including numerous subscribers to its $8 per month ‘Twitter Blue’ now ‘X Premium’ services, who compared ‘block’ and ‘self-defence’ and their rights under the 2nd Amendment, but Twitter’s co-founder and former CEO Jack Dorsey applauded the move, responding ‘100. mute only’.
Having seen the company’s valuation plummet since his takeover, Elon Musk is selling off more Twitter collectables in a rebranding auction.
Items including the famous blue bird logo, guitars, and an oil painting of Ellen DeGeneres’s selfie on the night of the 2014 Oscars will be available, with bids starting at $25.
He bought Twitter for $44 billion, with the company sitting at a substantially lower valuation of $15 billion just six months after his takeover, thus his willingness to hold an auction on items in a bid to raise some much-needed cash.
Perhaps he will do us all a favour if he sells it so that it can be run as it should be run, or perhaps it should be closed down for good, along with Facebook and other social media sites because social media contributes nothing to society – nothing!
Elon Musk spent $44 billion dollars, and it went downhill, although it was probably going downhill before he bought it, and really, he just bought it as a vanity project.
This was a totally bizarre buy of the century. Why on earth spend billions on one of the most established social media platforms with the brand name to match and then totally ditch the entire concept of what made it popular? Must be that he’s got more money than sense.
Evidently, he’s not as smart as he seems to believe he is. This is what comes from believing you have no limitations. Perhaps he can write a best-selling book called, ‘How to Lose $44 Billion for Dummies’.
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