By
Temitope Olatunji
May 6th, 2024
The tech billionaire said that Twitter would help accelerate his X.com app, an all-in-one platform like WeChat.
Elon Musk has highlighted his expectations for his newly acquired social media company Twitter Inc (NYSE: TWTR). Additionally, the tech billionaire changed top positions by firing Chief Executive Officer Parag Agrawal, Chief Financial Officer Ned Segal, and head of legal policy, trust and safety Vijaya Gadde. However, he struck online attention by highlighting the expected standards for advertising on the Twitter platform.
Musk, who had until today to complete the Twitter acquisition deal or face legal action, noted that he does not want the company to be misused, particularly in advertising.
“I also very much believe that advertising, when done right, can delight, entertain and inform you; it can show you a service or product or medical treatment that you never knew existed but is right for you. For this to be true, it is essential to show Twitter users advertising that is as relevant as possible to their needs. Low relevancy ads are spam, but highly relevant ads are actually content!” Musk noted in a letter via twitter screenshots.
According to Musk, Twitter is now open for all humanity to have a digital social meeting point without violence. However, he highlighted that the possibility of failure is high, although the company is now privately held.
the bird is freed
— Elon Musk (@elonmusk) October 28, 2022
Musk Curves New Future for Twitter
The tech billionaire said that Twitter would help accelerate his X.com app in one platform like WeChat. Moreover, according to famous tech blogger Jane Manchun Wong, Twitter is silently working on crypto wallet capabilities.
“There’s no WeChat movement outside of China,” Musk previously said. “And I think that there’s a real opportunity to create that. You live on WeChat in China because it’s useful and helpful to your daily life. And I think if we could achieve that, or even close to that with Twitter, it would be an immense success,” Musk previously noted.
Founded 16 years ago, the company has amassed over 229 million monetizable daily active users (DAUs) as of the second quarter of 2022. During the second quarter, the social media giant reported revenue of $1.8 billion, a decline of 1 percent year over year.
The company blamed advertising headwinds associated with macroeconomics and the ownership transition from publicly held to a private company.
Complaints over the company hosting more computer bots than human accounts delayed the Musk acquisition deal. Should Musk develop human-recognizing software, perhaps, the company’s advertising trend could revamp in the coming years.
Otherwise, the social media company faces fierce competition from other tech firms like Meta. However, Twitter is headed to become a Web3 tech company, which can easily monetize its content through decentralized finance.