Elon Musk admits X (Twitter) ‘may fail’ after sacking more than 80% of staff, charging for verification and rebranding
Elon Musk has admitted in a post on the site that his controversial review of X, formerly known as Twitter, “may fail.”
Musk’s latest statement comes on the heels of sweeping changes he’s made to the social media platform since buying it for $44 billion in October 2022.
In February 2023, the South African-born entrepreneur cut Twitter’s workforce to less than 2,000 — a sharp drop from the 7,500 employees when the billionaire first took over.
He then caused even more commotion among users by removing “legacy” blue check marks as part of his effort to change the platform’s verification system.
“Legacy” Blue Checks were initially given to verified accounts of people of public interest, including celebrities, politicians and journalists.
Musk’s latest statement comes on the heels of sweeping changes he’s made to the social media platform since purchasing it for $44 billion in October 2022. Pictured: Elon Musk poses ahead of his talks with French President Emmanuel Macron Monday, May 15 2023 at the Elysee Palace in Paris, France
Musk said in a post Saturday: “The sad truth is that there are no great ‘social networks’ right now. “We may fail, as so many have predicted, but we will do our best to make at least one.” Musk’s latest statement comes on the heels of sweeping changes he’s made to the social media platform since buying it for $44 billion in October 2022.
But after Musk’s acquisition, only those who subscribe to Twitter Blue can keep a blue check, while companies now have to pay for a gold check.
This decision came as part of Musk’s efforts to get rid of the so-called “lords & peasants system for those who have and don’t have a blue check mark.”
Musk said in a post Saturday: “The sad truth is that there are no great ‘social networks’ right now. “We may fail, as so many have predicted, but we will do our best to make at least one.”
Musk admits X (Twitter) “might be failing” and blames “there are no great ‘social networks’ right now” despite laying off 80% of staff, charging for verification and changing the name.
Last Friday, the 52-year-old revealed his intention to remove users’ ability to “block” other users in every aspect of the social media site, with the exception of private “direct messages.”
Musk’s comments sparked an outpouring of concern from the site’s users, including many subscribers to the $8-a-month “Twitter Blue,” now “X Premium” services, comparing “blocking” to “self-defense” and their rights under the 2nd Amendment.
But Twitter co-founder and former CEO Jack Dorsey praised the move, replying “100. only mute.’
After seeing the company’s valuation plummet since his acquisition, Musk is selling more Twitter collectibles in a rebranding auction.
Items available include an oil painting of Ellen DeGeneres’ selfie on the night of the 2014 Oscars. The photo featured DeGeneres alongside stars Bradley Cooper, Meryl Streep and Lupita Nyong’o
In explaining his decision to rebrand from Twitter to X, the billionaire said it was time to “say goodbye” to the old logo. Pictured: A photo of Elon Musk’s account on X, along with the company’s new brand image (file image)
Items like 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 bought Twitter for $44 billion, while the company was at a substantially lower valuation of $15 billion just six months after his acquisition. Hence his willingness to hold an auction on items in an effort 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 from Meta.
X threatened to sue Threads, alleging that the company was “guilty of systematic, willful and unlawful misappropriation of Twitter’s trade secrets and other intellectual property” by employing former Twitter employees.
Explaining his decision to rebrand from Twitter to X, the billionaire said it was time to “say goodbye” to the old logo, telling a user on his platform, “Twitter has been acquired by X Corp, both to guarantee freedom of expression as an accelerator for X, the everything app.”
He promised that Twitter’s rebranding will be more than just a logo change, but a complete overhaul of the app, adding, “This isn’t simply a company renaming itself, it’s doing the same thing.”