Billionaire CEO Elon Musk admits that X (Twitter) ‘may fail’ because ‘there are no great ‘social networks’ right now’ after sacking more 80% of staff, charging for verification and changing the name
- Elon Musk has conceded his controversial overhaul of X ‘may fail’ in post on site
- His comments come after X has undergone sweeping changes since takeover
- The billionaire entrepreneur purchased Twitter for $44billion in October 2022
Elon Musk has admitted his controversial overhaul of X, formerly known as Twitter, ‘may fail’ in a post on the site.
Musk’s latest statement comes following the sweeping changes he has made to the social media platform since purchasing it for $44billion in October 2022.
In February 2023, the South African-born entrepreneur slashed Twitter’s workforce down to under 2,000 – a sharp fall from the 7,500 employed when the billionaire first took over.
He then caused further consternation among users by getting rid of ‘legacy’ blue ticks as part of his move to switch up the platform’s verification system.
‘Legacy’ blue ticks were initially given to verified accounts belonging to people of public interest including celebrities, politicians and journalists.
Musk’s latest statement comes following the sweeping changes he has made to the social media platform since purchasing it for $44billion in October 2022. Pictured: Elon Musk poses prior to his talks with French President Emmanuel Macron, Monday, May 15, 2023 at the Elysee Palace in Paris, France
Posting on Saturday, Musk said: ‘The sad truth is that there are no great ‘social networks’ right now. ‘We may fail, as so many have predicted, but we will try our best to make there be at least one.’ Musk’s latest statement comes following the sweeping changes he has made to the social media platform since purchasing it for $44billion in October 2022
But following Musk’s takeover, only those subscribed to Twitter Blue can keep a blue tick, while businesses must now pay for a gold tick.
This decision came as part of Musk’s efforts to rid of the so-called ‘lords & peasants system for who has or doesn’t have a blue checkmark’.
Posting on Saturday, Musk said: ‘The sad truth is that there are no great ‘social networks’ right now. ‘We may fail, as so many have predicted, but we will try our best to make there be at least one.’
Musk admits X (Twitter) ‘may fail’ and blames the fact there are ‘no great ‘social networks’ right now’ despite sacking 80% of staff, charging for verification and changing the name.
Last Friday, the 52-year-old revealed his intentions to remove users’ ability to ‘block’ other users across every aspect of the social media site, excluding private ‘direct messages.’
Musk’s comments yielded an outpouring of concern from the site’s users, including many subscribers to its $8-per-month ‘Twitter Blue,’ now ‘X Premium,’ services, who compared ‘block’ to ‘self-defense’ and their rights under the 2nd Amendment.
But Twitter’s co-founder and former CEO Jack Dorsey praised the move, replying ‘100. mute only.’
Having seen the company’s valuation plummet since his takeover, Musk is selling off more Twitter collectibles in a rebranding auction.
The available items include an oil painting of Ellen DeGeneres’ selfie on the night of the 2014 Oscars. The pictured included DeGeneres alongside stars Bradley Cooper, Meryl Streep and Lupita Nyong’o
Explaining his decision to rebrand from Twitter to X, the billionaire said it was time to ‘bid adieu’ to the old logo. Pictured: a photo of Elon Musk’s account on X, along with the company’s newly-rebranded image (file image)
Items including the famous blue bird logo, guitars, and an oil painting of Ellen DeGeneres’ selfie on the night of the 2014 Oscars will be available, with bids starting at $25.
He purchased Twitter for $44billion, with the business sitting at the substantially lower valuation of $15 billion just six months after his takeover, hence his willingness to hold an auction on items in a bid to raise some much-needed cash.
Musk’s changes to the site have seen a number of users move to different social media platforms, such as Threads, a new app by Meta.
X threatened to sue Threads, alleging it has ‘engaged in systematic, wilful and unlawful misappropriation of Twitter’s trade secrets and other intellectual property’ by hiring former Twitter employees.
Explaining his decision to rebrand from Twitter to X, the billionaire said it was time to ‘bid adieu’ to the old logo, and told a user on his platform: ‘Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app.’
Promising that the Twitter rebrand will be more than just a logo change, but a complete overhaul of the app, he added: ‘This is not simply a company renaming itself but doing the same thing.’
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