In a recent staff meeting, Elon Musk revealed that Twitter, formerly known as the social media giant “Twitter,” is now worth a mere $19 billion, a staggering 55% drop from the $44 billion he paid for it just a year ago. This startling information was uncovered by Fortune on the last day of October and could even be an optimistic estimate. According to reports, Fidelity, a mutual fund company that facilitated Musk’s acquisition of Twitter by lending him $300 million, suggests a devaluation of 65% in this time frame, potentially lowering Twitter’s value to under $16 billion.
What’s particularly intriguing is that Musk’s current evaluation of the company is even more grim than a prediction he made just a short while ago. In an email sent to the entire Twitter staff in March of this year and obtained by The New York Times, the billionaire estimated the company’s worth at around $20 billion.
Also Read: Twitter’s Ad Revenue Plummets by 50% under Elon Musk’s Ownership
Elon Musk’s Year at the Helm of Twitter:
Elon Musk is no longer the CEO of Twitter, a position he left some time ago. Since May 2023, Linda Yaccarino has assumed the role of CEO. Nevertheless, Musk’s influence and presence on the platform are still significant. The billionaire, who is not one to stay in the background, continues to be the spokesperson for new developments on the social network.
Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bullshit.
Power to the people! Blue for $8/month.
— Elon Musk (@elonmusk) November 1, 2022
Musk’s Tenure Marked by Controversies:
Musk’s time as the head of Twitter has generated a series of controversial situations. One of the most prominent conflicts was with the original “verified” accounts, those profiles that requested and received verification from the platform due to their account’s significance. Musk criticized this system, deeming it “corrupt,” and referred to it as a “lords and peasants” structure. He allowed virtually anyone to obtain a blue verification badge by paying for a subscription.
Another significant impact of Musk’s management was a substantial number of employee departures, with reports suggesting that as many as 80% of the workforce left, according to insiders cited in a January 2023 CNBC report.
Despite the change in leadership, relations with the media remain tense. Musk frequently directs criticism towards news outlets and has even been accused of undermining the reach of publications he views as critical. Even basic requests to the press@twitter.com email have been affected. Now, those who send messages there no longer receive an automatic poop emoji as a response, but merely an automated message stating, “We are busy, please try again later.”
Also Read: Elon Musk Unveils New Ad-Free Premium Plans for Twitter
Musk’s Impact on Twitter’s Legacy:
Musk is a widely recognized figure and currently has the most followed account on Twitter, which significantly bolsters any initiative he pursues on the platform. However, it can be considered, at the very least, a risky move to dismantle one of the internet’s most iconic brands and all that it represents.
The act of posting on Twitter had even become a verb in many languages, with words like “tweet” and “tweeting” officially recognized. However, these classic terms have been phased out. Now, “tweet” has become “post,” and “tweeting” has been replaced with “posting.” Even retweets have been rebranded as “reposts,” a more generic term.
Future of Twitter:
While not everything appears bleak in Elon Musk’s Twitter management, it is clear that negative highlights overshadow the positive aspects. Twitter now offers three subscription tiers, shares advertising revenue with subscribers (though this has raised concerns), and allows creators to charge for exclusive content.
Recently, Musk boldly stated that Twitter will replace users’ bank accounts by the end of 2024, indicating a significant step toward the envisioned super app that will combine social networking, video streaming, financial services, and WeChat-style communication.
Whether the future of the social network will be as glorious as Musk envisions remains to be seen. For now, it is certain that regardless of the extent of its success, the billionaire’s decisions and tweets will continue to impact the market, the media, and the public in the coming years.
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