Elon Musk buys Twitter for an exorbitant amount of money, only to realize that the social media platform is not the key to his success after all. The story follows Musk as he navigates the aftermath of his misguided acquisition, and ultimately finds a different path to innovation and disruption.
Elon Musk and his Twitter takeover proposal have been the most talked-about issue in the previous six months. The billionaire bought the microblogging site exactly 5 months ago, and a lot has transpired since then.
Musk paid $44 billion for Twitter after months of haggling, but the company is now worth only $20 billion, less than half of the original price. Musk, who owns four other companies, is the CEO of Twitter, but he plans to step down by the end of the year and is looking for a new CEO.
Due to advertisers pulling back, Twitter’s value has fallen by half. In September, more than half of the top 1,000 advertisers on the platform stopped investing in it in the first few weeks of January.
Elon Musk is trying to attract back advertisers to his company Twitter and also reconstitute the platform, but over half of them have dropped out. He has sacked half the staff, ceased paying rent in certain locations, and begun auctioning off office equipment and kitchen appliances to make up for the deficit.
He has also terminated the free lunch/food service and implemented Blue membership, which forces consumers to pay to receive a blue tick next to their name.
From April 1, 2023, Twitter will remove the blue tick mark from all existing accounts without a paid subscription. Despite this change, Elon Musk remains optimistic about the platform’s value and is collaborating with the remaining staff to introduce innovative updates and features to improve the user experience. However, it is unclear how Twitter will perform in the next five months.
