According to a recent report, Twitter lost more than 1.3 million users within a week after Musk bought the company. Shocking right? Elon Musk, the world's richest man, purchased Twitter for $44 billion on October 28, 2022. Nothing was going well since the deal has announced. In April, Elon Must offered to buy Twitter for $43 billion.
On April 25, Musk's $44 billion buyout offer was accepted by the company's board of directors. The officials agreed to make the company private. But when Musk intended to terminate the deal in July, the company filed a case against him. Musk purchased Twitter before things went wrong.
Since Musk became CEO of one of the biggest social media platforms, things could be better. Let's figure out what happened to Twitter when Elon Musk Acquired it.
Elon Musk Took Some Quick Decisions After Acquiring Twitter
Elon took over as Twitter's sole director after firing the platform's top executives and dissolving its board. As the new CEO of Twitter, Elon Musk has taken over the company's reins. He fired the company's top executives and officials to avoid paying their severance packages. Musk made some quick decisions immediately after buying the platform. After taking control of the platform, Musk twitted, “The bird is freed.” His vision was to promote Twitter as a platform for free expression. These factors have a significant impact on the company. However, the story does not end here.
According to a recent report, approximately 3,700 employees are currently working for Twitter, and about half of the previous workers have been laid off. Due to Twitter's status as a private company, the exact number of employees is unknown. Employees still working for the company are encouraged to work 12 hours a day, even on weekdays. It should be noted that all of the changes in the company have been made entirely by the new owner. This impacted the company's entire running system. Due to concerns Musk will loosen Twitter's content moderation policies, several large advertisers have pulled advertising from the service.
Several racist comments have appeared on Twitter since Elon Musk took over the platform. As a result of Elon Musk’s promotion of Twitter as a free (in terms of expression) social media platform, there have been a number of hate tweets and lugs found on the platform.
Elon Musk is Offering Premium Features For Twitter Users
People have been using Twitter for free for years. Just like Facebook, you don't have to pay anything to get subscribers, followers, or verify. However, things have changed since Must acquired the social media platform. If you see a blue checkmark next to an account name, it means Twitter has taken steps to ensure the account belongs to the claimed owner. Elon Musk offers his users the opportunity to get the verification tick marks for $8 per month. Twitter users protest it and call for the abolition of the policy. Users protested by changing their account names to Elon Musk. After launching paid verification badges, Twitter experienced an influx of fake accounts impersonating brands and public figures. There are several fake accounts, including some of the most famous stars and sports figures, even for the name Tesla.
As part of its permanent suspension policy, Twitter has announced that it will permanently suspend accounts that engage in impersonation without explicitly specifying 'parody. Recently, Musk has met with some leaders of Civic groups. In the meeting, he explained that Twitter would continue to fight against hate and harassment. Furthermore, the platform has paused its verification policy changes until after November's U.S. elections. According to Musk, Twitter will soon allow users to post long texts. He will introduce creator monetization for all forms of congress.
Musk's Future Plans For Twitter
According to Elon Musk, he will try many new ideas on Twitter. He will bring a revolution that will change the face of Twitter. In his vision, Twitter users can send money to each another using their verified bank accounts, like PayPal on social media. Besides, he expressed his thought that he would integrate everything with Twitter, like the Chinese app WeChat.
There is more to this than a pipe dream. Musk has already filed paperwork with the Treasury Department's Financial Crimes Enforcement Network to make transactions on Twitter.
Final words
Elon Musk brought so many changes to Twitter after he became the owner. The new changes are expected to transform the platform completely. It is still too early to say whether the changes will benefit the company.
