Elon Musk takes control of Twitter by dissolving its board of directors
Will Twitter bring back VIne?
Published: 1st November 2022 | Source: The Telegraph |
Elon Musk has fired the entirety of Twitter's board of directors
Elon Musk has dissolved Twitter's board or directors and has installed himself as the company's sole director, making him the undisputed leader of the social media giant.
Last week, Elon Musk finished his acquisition of Twitter for $44 billion (£38 billion), and has quickly moved to cease direct control of the company. Musk has claimed that he plans to rework Twitter's verification system, with recent reports alleging that he plans to charge $20 per month for celebrities, influencers, and companies to maintain their blue checkmarks on the platform. In short, it looks like Musk is planning tax Twitter's professional userbase.
Other reports have also claimed that Musk plans to cut jobs at Twitter, axing non-vital staff while retaining the company's most talented employees. The Washington Post has reported that up to 25% of the company's staff could be affected by Twitter's first round of cuts, though it remains to be seen how deep Musk's cuts will go.
Musk's plan with Twitter appears to be to cut expenses while generating additional revenue from the social media platform's high-end userbase. These changes will help Musk recoup his investments in the platform, a lot of which was funded through loans.
(Elon Musk as he appeared at a fancy dress Halloween party on Monday night)
Musk's planned changes to Twitter's verification system will reportedly force the platform's verified users to subscribe to the company's new subscription service within 90 days or lose their blue checkmarks. Verified Twitter users have gone through a verification process to confirm that they are genuine account holders. Verification marks are currently free and are used by celebrities, journalists, brands, and influencers to certify that they are genuine account holders and not fake accounts.
Previously, Musk has stated that he wanted 50% of Twitter's revenues to come from products that are not from advertising. Simply put, Musk wants Twitter to generate subscription revenues, allowing the company to generate more potential revenue per user than the company's primarily advertising based model.
Musk has also Tweeted to ask users if he should "bring back Vine", a video sharing platform that Twitter acquired and ultimately axed. Vine was a TikTok like short video service that failed to become profitable. Bringing back Vine could give TikTok some major competition, especially if anti-Chinese sanctions start impacting the latter. TikTok is a Chinese company, and that fact alone makes a western alternative seem attractive to users.
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Most Recent Comments
QuoteElon is our future!!!Quote
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Originally Posted by Digikid
This is an excellent thing for Elon to do. He is getting rid of all the whiny babies and fake accounts on Twatter.
Elon is our future!!! |
I mean the man started the boring company. Idk how much more obvious he can be on his seriousness when it comes to things not Mars or EV related..Quote
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Originally Posted by NeverBackDown
You got to take into account he's trolling with most of obviously stupid projects...
I mean the man started the boring company. Idk how much more obvious he can be on his seriousness when it comes to things not Mars or EV related.. |
Buzz Aldrin and Neil Armstrong completely denounced the SpaceX program.
Musk forced the co-founder of Tesla out in a similar way that Mark Zuckerberg did to take over Facebook. Lawsuits and settlements were then filed.
If you look into Elon Musk, the rabbit hole of debauchery and tomfoolery goes very deep. He's been called a pathological liar by investors, many of which have been defrauded by him.
Tesla doesn't even make that much money on their cars. They make money by receiving 'credits', which I see as penalty points, from their competitors. US States demand that car companies produce a certain amount of EVs. When they can't meet that demand, they have to pay companies that do meet the demand. Seeing as Tesla only makes EVs, they receive most of their income just by existing. It's not because their products are the best; it's because they are the only ones who exist in that pocket. As soon as other car manufacturers catch upand they very muchTesla's income will drop. It's true that Tesla has invested that money into R&D, and the way they've collected that money is very clever. But that just makes Musk a good investor.
The image Musk has created is really quite amazing. He speaks of a rags to riches story, when his own father counters it by saying the kids were spoiled and were very wealthy. Tesla staff have come out saying that work conditions were awful, management was racist (Musk went to one of the most prestigious schools in South Africa and grew up at a time when blacks and whites were divided), and unionisation was denied by him repeatedly. He even offered yoghurt stands to his staff to avoid it.
Or when he turned up to save those kids in Thailand that were trapped with a tiny submarine. The diver that actually saved the kids said the idea wouldn't work and that Musk was there as a PR stunt. When Musk heard this, he called the diver a "pedo". The diver sued him and Musk won, saying it was just a joke, a joke that really hurt the dude.Quote
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