Elon Musk, CEO of Twitter, stated that his goal is to identify a successor to run the social media business by the end of 2023. According to Bloomberg, Musk stated via video link at the Dubai World Government Summit that he intends to stand aside as Twitter CEO by the end of 2023 and choose a replacement. Musk stated that before stepping aside, Twitter must stabilize its operations, particularly its financial health and clarity on its product path.
“I estimate that the end of this year will be the right time to find another leader because I think Twitter should be in a stable state around the end of this year,” Musk said.
It’s worth noting that Musk tweeted several times earlier today that the new CEO of Twitter (shown with a puppy) is far superior to that person (referring to Musk himself). He goes on to say that the “dog” is exceptionally good at Maths and has a terrific demeanour, making him ideal for the job.
Elon Musk released a document a few days ago in which he stated that the last three months had been extremely stressful. He claims that he had to preserve Twitter from “bankruptcy” while also handling Tesla and SpaceX’s core functions. Twitter continues to confront hurdles, but it is on course to break even.
Elon Musk takes charge of Twitter for 100 days
It’s been more than three months since Musk paid $44 billion to Twitter on October 27 of last year. Twitter has seen seismic shifts in the last 100 days. First, it was delisted from the New York Stock Exchange, and Twitter was transformed from a publicly traded company to Musk’s private venture. Following this, the management team led by CEO Parag Agrawal resigned. Several days later, the firm laid off nearly 7,000 workers.
Twitter’s first impression was one of chaos, twists and turns, and instability. Musk’s failure on Twitter caused users all across the Internet to call into doubt his reputation as a genius. Musk said on Twitter at the end of 2022 that he will abide by the results of a vote on whether he should quit as CEO of Twitter. In the end, about 10 million netizens voted in favour, with 57.5% wanting him to “step down.”
And Musk finally posted: “As long as I find someone stupid enough to take this job, I will resign as CEO immediately. After that, I will only be in charge of the software and server teams”.
Regarding the extremely chaotic status quo of Twitter, Musk seems to be at a loss. He once had an ambitious plan to let Twitter surpass WeChat, but now it has become “a job that only fools will take over”.
Gizchina News of the week
Advertisers Ditch Twitter
Why did Twitter go down? The main reason is that many marketers have left Twitter. More than half of Twitter’s top 100 advertisers no longer pay the company for ads. Many well-known brands are among them, including Apple, Coca-Cola, Carlsberg, Dell, Chanel, Volkswagen, General Motors, Mondelez, AMC, Ford, Nestle, and others. Some of these advertisers choose to openly declare their decision to cease advertising on Twitter, while others prefer to exit quietly. Prior to Musk’s acquisition, Twitter had an average of 3,900 advertisers. By Musk’s time, the minimum number of advertisers had fallen to roughly 2,300.
The first step in improving Twitter content once Musk acquired it was to ease the content screening policy. In addition, the company laid off a huge number of content reviewers and 40 advertising team engineers.
Simultaneously, on December 18, last year, Twitter launched a new policy in an attempt to “sever the link” with competitor platforms, preventing users from “promoting” social media profiles such as Facebook, Instagram, and Mastodon on Twitter.
In the midst of Twitter’s chaos, a big number of stars and Internet celebrities announced their departure from the platform, and advertisers left.
The most important factor for advertisers ditching Twitter is Musk’s relaxation of Twitter reviews. This has resulted in an increase in racist and hateful remarks on the Twitter site. Because of the numerous hidden dangers in the content, advertisers are concerned that continuing to post ads on Twitter may harm their brand image.
Twitter authentication fake account
Twitter provides generous incentives to keep advertisers. The company announced the “largest advertiser incentive in history” in an email to advertising firms across the network. If the brand’s advertising budget hits a specific threshold, it will be granted more display opportunities.
Clients that spend at least $500,000 on advertising will be eligible for accretion bonuses equal to their spend, up to a $1 million ceiling. Clients who spend $350,000 will get a 50% bonus. Those who spend $200,000 will get a 25% value-added bonus. The value-added benefits will even be double for countries like Japan and the United Kingdom.
Musk also lifted restrictions on new account registration, intending to encourage advertising with the influx of user data. According to Musk, Twitter’s average daily registered users hit 2 million, a new high and a 66% rise over the same period last year.
The Twitter Blue is akin to the “big V certification” of China’s Weibo. It is offered to various public figures for $8 per month on the web version and $11 per month on Apple devices. Although Musk’s starting point is to free Twitter from its reliance on advertisements, Twitter’s internal trust and safety team is highly critical of Twitter Blue. However, Elon Musk will not allow any bad comments.
Tesla blames Twitter
Musk must pay $13 billion in loan interest to complete the acquisition of Twitter. Simultaneously, Musk sold Tesla stock numerous times in a row. According to data, Musk has sold almost 23 billion US dollars in Tesla stock. As a result, he sacrificed Tesla and fed it to Twitter. Musk’s decision struck a massive blow to Tesla, causing its stock price to plummet by 59%. Tesla’s shareholders said that Musk is no longer suitable to continue to serve as Tesla’s CEO, and Tesla lacks a “full-time CEO”.