ELON MUSK AND THE PURCHASE OF TWITTER
Twitter was created in 2006 as an open platform in which users can write messages or tweets of a maximum of 280 characters (it was originally 140 characters). It currently has more than 400 million users, according to the most recent data from Statista.
Although it is not one of the most popular networks (Facebook has close to 3,000 million users, for example), the topics discussed in this application are widely publicized in the media. Many governments, institutions and celebrities use Twitter as a platform to make public announcements.
Due to its algorithm and interaction format, Twitter is considered a conversational social network, since it has few restrictions when it comes to creating and publishing content. In addition to this, Twitter is the favorite social network of the media, politicians, companies and other users to spread news in real time.
Following Musk’s statement: “I also want Twitter to be better than ever by improving the product with new features, making algorithms open source to increase trust, defeating spam bots, and authenticating all humans.” , which means that he is totally interested in people having “freedom of expression” although on the other hand he clarifies that this rule changes according to the territories and the norms that are established in each country.
Elon Musk is recognized as a great businessman worldwide and after the purchase of Twitter for 44,000 million dollars, he has become the richest man in the world, which demonstrates his vision and success in business.
On this occasion Musk sees a business opportunity, since he is not going to leave the social network as he found it, but rather has a series of ideas for modifying it, and the ideas are based on the freedom of expression of each one of them. users, in addition to accompanying the social network in other social fields, such as transactions, check-in and turning it into a process facilitator. So for him the losses are not something important, but he is focused on the vision he already has of the application.
On the other hand, he made it very clear that his intention is not to make the social network a profitable social network, so that his plans also include removing it from the stock market, a decision that will force him to pay $54.27 per title to each of the current shareholders. His interest is the potential and influence of the app itself and its importance in our culture.
After the purchase of Twitter, we see a great increase in the social network Truth, belonging to Donald Trump, created as a result of his permanent suspension from Twitter, Facebook, Instagram and Snapchat after the storming of the Capitol on January 6, 2021. Although both social networks have skyrocketed their downloads after the announcement of the Twitter directive this past Monday, Truth was the most downloaded free application for iPhones in the US on Tuesday, thus topping the “Top Free Applications” section of the App Store, followed in second place by Twitter.
On the other hand, we see how in the last 5 days the shares of Meta (Facebook) have been slowly falling.