Billionaire for the first time has done something unusual by succumbing to pressure. Elon Musk no longer sits steering the ship. He’s handed the passenger and he doesn’t know which way the driver will take him. The billionaire himself after becoming the owner of Twitter Finds in unusual condition that he bought on October 27 for $44 billion fired by top executives.
A few days later, Agarwal announced a massive cost-cutting program that included eliminating 3,700 jobs in one day, half the platform’s workforce. All of these initiatives are aimed at finding significant revenue streams to make Twitter profitable.
This is necessary because Musk borrowed $13 billion from banks for the Twitter deal, but the billionaire sparked a huge controversy by deciding to charge for a blue badge, which indicates users’ accounts have been classified as Twitter Blue. Verified by Integrate and raised the price to $7.99 per month.
Their justification was that by charging to check the blue mark it would deter entities running spam bots aka fake accounts that are sources of misinformation racist comments and hate speech on the platform. Despite impersonator criticism, Musk stayed. They introduced the new formula of Blue in the US, UK, Canada, Australia and New Zealand on 9 November. But soon the fake account was exposed.
Well-known companies and celebrities were able to open new accounts, so these accounts were certified with a blue check mark Tesla’s Get Free Report Fake account posted jokes about the automaker’s safety record A fake Eli Lilly The Free Report account posted that insulin was now free, prompting the pharmaceutical giant to apologise.
Handed over to the passenger and unsure which direction the driver will take, the billionaire finds himself in an unusual position as he becomes owner of Twitter which he acquired on October 27 for $44 billion Defense conglomerate Lockheed Martin Gate Another fake account from Free Report sent a message saying that we will begin blocking all arms sales to Saudi Arabia, Israel and the United States until their human rights abuses are addressed.
U-Turn initially dropped the official badge in the bios of high-profile accounts such as institutions, celebrities and billionaire brands, and then announced that they had discontinued the feature. The move was confirmed by Twitter in a post on the Twitter support account. We are not currently labeling the accounts official but we are aggressively going after impersonators and fraudsters, Twitter Support said.
Musk has almost faced massive backlash from brands suspending promotion of their products and services on the platform and facing a flood of impersonations. Twitter support indicated on November 11 that the “official” designation was its own making a comeback. To combat impersonation, we have added an official label to some of the designated accounts on the platform.
This message was affirmed by Musk himself in a different tweet. Twitter also appears to have suspended new signups for Twitter Blue, which allows users to get a blue verification badge without proving their identity as a result of a flood of impersonation accounts. The Street reported that the option to sign up for Blue has disappeared on some of Twitter’s iOS apps Musk’s U-turn comes after a dramatic message he delivered to Twitter employees.
Musk faces many challenges and one of the most important and urgent is convincing advertisers that the social network will implement a content policy against hate speech. The billionaire who defines himself as a free speech autocrat believes. All that can be said as long as it does not violate the law.