Now that Elon Musk is the new owner of Twitter, will the Twitter social media network change much? What will happen to the Twitter social media network under Elon? One thing can be sure, Twitter will surely get more interesting with Elon Musk on Twitter as the new owner.
While some people are thrilled at the prospect of having Elon Musk at the helm of one of the world’s most popular social media platforms, others are concerned that his controversial behavior could do more harm than good. So, the question is: will Elon Musk Twitter Chief Twit inspire and unite us as Twitter’s new chief executive?
I have to admit I was excited by the news yesterday as Twitter has been dying according to some recent reports by Reuters. Internal documents showed that their most active users have left the social network.
After all, Inspire To Thrive has grown over the past decade-plus in part due to traffic from the Twitter social network. It’s been the number one source of referral traffic here for years but recently dropped to number two or three in referral traffic. It by far surpasses traffic from other social media channels.
You can learn how to follow Elon Musk on Twitter and subscribe to his latest tweets below.
First, Did Elon Musk Just Buy Twitter?
According to this recent Tweet, it appears the process of purchasing the social media platform is underway at the Twitter headquarters. Other sources say it will be completed by the end of the day today, October 27, 2022.
.Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
Musk on Twitter
Some people are saying that Musk’s tweets will become more business-oriented now that he’s in charge of Twitter. Others believe that Musk will continue to use Twitter as a platform to share his thoughts and musings with the world as he is a huge influencer.
However, only time will tell what direction Musk takes Twitter in now that the new CEO and in charge of the Twitter social media network.
What’s Next For the Social Network?
Rumors have been floating around that layoffs will occur at the social media networks headquarters in San Francisco. However, it was also reported that these layoffs were in place before the takeover of the social-networking company.
As with Facebook, Snapchat, and Google, (Alphabet), big tech earnings have been dismal this year due to inflation and people spending less time using social media. The growth of social media has also been declining since people began going out and on with their lives again.
Elon Musk Taking Twitter Private
What does going private mean when a company is public?
According to Investopedia, it means:
When a publicly-traded company becomes a privately-held company, the public company’s shares are purchased at a premium by the investors buying the company. The company is delisted from the stock exchange where its shares were formerly traded. Shares now can no longer be traded publicly.
Not only that but:
Why Would A Public Company Go Private?
Elon Musk wants to take Twitter private. He says it is needed to be private to grow and become a genuine platform for free speech.
Going private, or privatization, frees up management’s time and effort to concentrate on running and growing a business as there is no requirement to comply with SOX. Thus, the senior leadership team can focus more on improving the business’s competitive positioning in the marketplace. – via Investopedia
Now, that’s a great reason for Elon Musk to take Twitter private. As you may know, he runs a few other companies and time is of the essence for him.
He says it is needed to be private to grow and become a genuine platform for free speech.Going private, frees up management's time and effort to concentrate on running and growing a business as there is no requirement to comply with SOX. #ElonMuskTwitter Click To Tweet
Why The Turnaround of the Twitter Sale?
According to Reuters: The sale would represent an admission by Twitter that its new chief executive Parag Agrawal, who took the helm in November, is not making enough traction in making the company more profitable, despite being on track to meet ambitious financial goals the company set for 2023. (You can see this from the chart below from Statista.)
Twitter’s shares were trading higher than Musk’s offer price as recently as last November.
Will The Twitter User Base Go Up or Down With Elon?
Many users are tweeting that they will leave Twitter if Elon takes over the social network. In fact, many did according to recent reports. However, they are many more that will join or re-join the network if he takes it over. It is hard to tell which audience is larger at the moment.
It will be fascinating to see where the Twitter user growth goes after Elon begins to make changes to the Twitter network.
What Are The Demographics of This Social Network Site?
- 70% of users are male (worldwide) More females in the United States use the social platform
- 25-34 is the average age of users
- Demographics show most have college degrees
- Most earn over 75k+
These stats were interesting to see as many of my friends and customers active on social do not fit the above demographics. Will the audiences change with Elon as the Chief Twit? Time will surely show us.
$3 Million in Savings With Elon On Twitter as CEO
Elon also promised he would not take a salary saving the company $3 million per year. However, as a private company, there will no longer be a board that needs to be paid so the savings maybe even be much higher.
(There is a rumor, that Elon may bring Jack Dorsey back who has been tweeting of late!)
Musk On Twitter Censorship
The biggest change we will probably see is that censorship will become a thing of the past. That’s the hope at least with Elon Musk on Twitter as CEO.
He claims he is not in it for the money but wants to preserve our freedom of speech. Will he be able to stand up for it as time goes on as CEO of Twitter?
Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
What should be done? https://t.co/aPS9ycji37
— Elon Musk (@elonmusk) March 26, 2022
How will he accomplish this? Will all those that have been censored be allowed back on this social network? Will he still take down some tweets or suspend more accounts on the social media network like Facebook continues to do?
Can Elon Musk On Twitter Unite And Inspire Us?
My hope is that Elon Musk can most certainly inspire and unite us on the town square as they call it. People of all opinions and sides should be able to congregate there and discuss the issues of the day. Maybe we can all learn from one another as we connect with other users on the social platform.
But if we stay on one the one-sided network, how will we know how the other side feels or needs? How will this country ever unite that way? Having discussions to bring out the best in people and finding solutions to our problems is the best way.
My hope is Elon Musk can do this for all of us and inspire us along the way on the social media platform.
The Edit Button Is Here
Will the infamous edit button request from Twitter users finally come to fruition? That was one of the first signs that Elon was taking over Twitter when he asked users if they wanted to see the edit button.
For years, users on the platform wanted an edit button but the company pushed back. The tweets were public records and even used in court cases. Today the edit button is available to Twitter Blue subscribers which recently has gone up from $2.99 to $4.99 per month.
However, Facebook allows edits on their posts and their posts have been used in court cases as well over the years.
Are Spam Bots Going Away with Musk on Twitter?
Another Twitter drawback that Elon wants is to get rid of the spambots that have flooded the network for years. There have been times years ago when all you could see were spam tweets. However, I must say they are not as bad as they once were although just yesterday I saw more springing up on my Twitter account. One last fling for the spam bots of Twitter?
If our twitter bid succeeds, we will defeat the spam bots or die trying!
— Elon Musk (@elonmusk) April 21, 2022
Crypto Payments on Twitter
Another possibility with Elon in charge of Twitter would be the bitcoin-type payments for premium “Blue” service on Twitter via Dogecoin, of course. He also talked about decreasing the price of the premium service from $2.99 to $2.00 per month.
Not only that but Elon also wants to get rid of ads on the Twitter network. Where will advertisers go next?
Who would NOT like lower prices for a premium Twitter service?
Will Apple and Google Eliminate Twitter in the App Stores?
When Twitter eliminates censorship on its platform as Elon promised, will the app stores no longer offer the Twitter app in their app stores? They took away the other alternative social networks from their stores when they allowed free speech.
How to Follow Elon Musk on Twitter
Now if you want to follow Elon Musk on Twitter just hit the follow button on his profile. See the screenshot below of his profile. Not only that, but you can also subscribe to his tweets and see his latest tweets in your own feed.
As you can see from above from Elon’s Twitter profile he has been a long-time user of the social network. Elon recently changed his profile picture to a professional photo of himself. He was preparing to take over Twitter. (Since writing this, he has changed it back again to other images, interesting!)
Now, if you want to know what Twitter changes may affect YOU or your business – read my latest post on Anthony Gaenzle’s blog.
What Do YOU Think About the Upcoming Elon Musk Twitter Chief Twit?
I’d love to hear from you on the topic of Elon Musk taking over Twitter. What do you like about the new ownership of Twitter or what you do not like about it? Which feature would you be most excited by? Will you stay or leave for other social channels?
Let’s discuss this topic in the comments below. Don’t forget to learn the basics of Twitter by purchasing my eBook below!
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