"Let that sink in." The inaugural tweet from its new owner reverberated through mainstream media like seismic shockwaves. Elon Musk, the enigmatic CEO of Tesla and the mind behind Neuralink, had engineered an enormous shift, converting Twitter into a private entity with a staggering $44 billion acquisition. Over the ensuing weeks, he pledged to revamp Twitter, eradicating bot accounts and championing free expression. However, the platform's trajectory seemed to falter, hemorrhaging billions in ad revenue, and its executive decisions became subjects of skepticism and disapproval in public sentiment. So, how has Musk contributed to Twitter's downfall?
Following the acquisition, Musk promptly ousted the former CEO, CFO, and other top leadership roles, assuming sole command of Twitter and transforming it into a privately held entity. He then called for an overhaul of the verification process, where the coveted blue checkmarks, once a reward for accruing a specific number of followers, could now be acquired through a new subscription model at $8 per month. Public perception branded this as a futile endeavor to squeeze profits from a depreciating enterprise, with some advocating for a return to the original follower-based system.
A few weeks later, an ultimatum was sent to all Twitter staff: a call to embrace "extremely hardcore" work with "intense, long hours" to align the company more closely with Musk's vision. The outcome was an exodus of personnel, as hundreds departed in discordance with Musk's management style. While this aligned with Musk's drive to trim Twitter's workforce, it drew condemnation for its draconian and authoritarian nature.
In line with Musk's aspiration to champion free expression, a slew of previously banned accounts, including those of Donald Trump and Kanye West, were reinstated, accompanied by a relaxation of hate speech policies. The consequence was an upsurge in hate speech on the platform, eliciting advertiser backlash and deterring them from affiliating their brands with Twitter to ensure brand safety. Witnessing the decline in ad revenue, Musk drafted an open letter to advertisers, vowing to prevent Twitter from descending into a "free-for-all hellscape." Yet, this did little to stem the tide of advertisers pausing their ads on the platform, further eroding the public's perception of Twitter as a sanctuary for marginalized communities.
In a bid to gauge the sentiment surrounding Twitter's leadership, Musk orchestrated a public opinion poll, soliciting input on whether he should relinquish his role as Twitter's CEO. An overwhelming majority advocated for a transition of leadership, affording less dominance to Musk and allowing him to dedicate more attention to his other ventures. Musk acceded, declaring his intent to step down from the platform after identifying a "suitable successor," ultimately selecting former NBC executive Lisa Yaccarino. Despite this move, critics continue to call out Musk's influence over the company, pointing to his active involvement in decision-making as evidence of his enduring sway over the social media giant.
Fast-forward to today, and Twitter is no more. Its transformation into "X" has ignited controversy, triggering concerns about X's branding parallels with adult websites and potential copyright infringement. Notwithstanding, Musk remains steadfast in his faith in the platform, striving to elevate X into a "super app," akin to its Chinese counterpart WeChat. The destiny of X hangs in the balance, and steering its course is Elon Musk. Whether the platform will rise from the ashes of irrelevance or plummet further into obscurity hinges on the actions of one man and the perceptions of the public.
Written by: Wong Lie Qi (23S78)
Edited by: Yap En Ting (23A11), Cheah Le Han (23S79)
Designed by: Wong Lie Qi (23S78)