Elon Musk purchased Twitter on October 27, 2022, but many people don't know what that means in practice. Prior to his public announcement, Musk owned 9.2% of Twitter's stock, but he proposed on April 13, 2022, to purchase all common stocks for a total sum of around 44 billion dollars, which Twitter agreed to. In October, all Twitter shares were paid off, Twitter was removed from the New York Stock Exchange, and Twitter officially merged with X Holdings I, Inc.
In the process, Musk became the sole director of Twitter, which gave him virtually unchecked control over the operation of the social media company. He has been discussing his plans for months, and the first week has already set in motion some very significant changes, ten of which he's already begun implementing with regards to Twitter.
10 Paid Verification To Eliminate Bot Accounts
On October 30, Musk told a follower that the verification system was undergoing changes, which was confirmed two days later when he publicly announced his renovations to "Twitter's current lords & peasants system." Under the new system, anybody could pay $8 per month to become a verified account.
Those who have a verified account would have priority positioning in searches and replies, fewer ads, and the ability to post longer videos and audio, along with other future perks. Musk claimed that this change would be to produce revenue for content creators and lessen the number of verified bot accounts. These changes could go into effect as soon as Monday, November 7.
9 New Twitter Features
Within the first 24 hours of owning Twitter, Musk is reported to have changed the home page for those logged out to show the Explore page, rather than a sign-in spot. But this change is only the beginning.
Musk has been replying to Twitter users suggesting changes, and those ideas include: expanded character limits, longer video lengths, the removal of inactive accounts, expansive Twitter analytics, increased customization options, and better search functions. However, users should be aware that many of these features may only be available for those who pay to use the server.
8 Cutting Costs
One of the elements of Musk's Twitter takeover that has attracted the most media attention is the mass layoffs that have begun. This is true, with The New York Times reporting that "about 3,700 jobs" were lost between November 3rd and 4th. Those who stayed have reportedly been ordered to "work 24/7" on changes to Twitter Blue, along with having "days of rest" and work-from-home policies revoked.
According to Reuters, Musk also demanded the remaining employees find $1 billion of annual infrastructure costs to eliminate. There are widespread fears about how the company will be able to continue functioning effectively with so many changes behind the scenes.
7 Hiring Coders From Musk's Other Companies
While Elon Musk ordered the firing of half of the former Twitter staff, he has also begun to bring in employees from his other companies. According to CNBC, over 50 engineers from Tesla have been moved to Twitter to assist in Musk's intended changes. This has led to concern that the social network will repeatedly crash or malfunction due to employees without the proper background for the job.
However, others think it might be a good thing, with an anonymous Twitter employee telling Fast Company, "There’s just years of broken, unworking product, and maybe a refresh would help start addressing problems." Either way, Twitter users can expect profound changes to how the website operates moving forward.
6 Reversing Permanent Bans
Many people are wondering if Musk will welcome back those who received temporary suspensions or permanent bans from the site due to community guideline violations. On the whole, he seems ready to do so, claiming, "Anyone suspended for minor & dubious reasons will be freed from Twitter jail."
The most prominent suspension was former President Donald Trump, who was banned from Twitter on January 8, 2021. During an interview with Financial Times in May, Musk stated that he would allow Trump back on the website. He explained, "I think permabans fundamentally undermine trust in Twitter as a town square where everyone can voice their opinion." However, Musk also stated that nobody would be readmitted until a formal process was in place, delaying any final decisions until a later time.
5 Focusing On Content Creators
While Twitter is technically a social media company, Musk has put special focus on those who use it as a means of creative content distribution. He responded positively to a suggestion that creators should be able to monetize their content, announcing a few days later that funds from Twitter Blue would be used to pay content creators.
Going beyond the standard monetization incentives, Musk has announced plans to create fresh avenues for content creation. He released a poll to gauge interest in the revival of Vine, a short video platform that Twitter acquired from a startup that had huge potential. In addition, Musk has suggested the ability to put videos behind paywalls, which would compete with OnlyFans and likely lead to an increase in NSFW content.
4 Changes To Structures And Algorithms
Musk referred to Twitter as part of his plan for "X, the everything app," and he has given a few hints as to what that will entail. Specifically, Musk responded favorably to a version of Twitter where users choose what version of the app they perform, as well as define their content level similar to "a movie maturity rating."
At present, Twitter curates content based on users' interests, providing them with content they will enjoy. The new algorithm would prioritize verified accounts, making them more visible than others that would be considered not credible.
3 Increasing Profits
Elon Musk claimed that he "didn't [buy Twitter] to make more money. I did it to try to help humanity." Despite that, his actions have shown that his immediate priorities are tied to making Twitter profitable as soon as possible as one of the most valuable tech companies. Some of his specific desires in that direction include monetizing videos, changing the ad platform to be more effective, and potentially making people pay to DM celebrities.
This is a major concern to him because, according to the Bloomberg Billionaires Index, Musk's net worth dropped $22 billion in just over a week since making the purchase on October 27, 2022. The company's last financial report noted a net loss of $270 million that quarter, so users can expect massive changes as Musk attempts to make the company profitable.
2 Increasing "Citizen Journalism"
Just before making the Twitter purchase, Musk praised Twitter for its commitment to citizen journalism, a phrase he defined as the ability to "disseminate news without an establishment bias." Musk intends to promote this through the Community Notes feature, which allows users to add context or fact-check Tweets.
The system began under the name Birdwatch in January 2021, but because Musk has repeatedly praised it, fans can expect more changes in a similar vein. He is also likely to focus on amplifying smaller-scale news sources as the verification system progresses.
1 Ensuring Free Speech During Content Moderation
For those who are concerned that Twitter will become a home for radical, violent interactions, Musk assured advertisers that the platform would not become "a free-for-all hellscape." However, there were notable increases in hate speech on Twitter just after he acquired the site. Hate speech is protected by the First Amendment in the US, but many other countries have made such language illegal, prompting an EU Commissioner to push back against the potential elimination of moderation.
But some measures are being put in place. Musk has announced the formation of a diverse content moderation panel, explaining that no policy changes will be made until they meet and begin working. Twitter's Head of Safety & Integrity Yoel Ruth explained that Twitter will take down slurs and ban their users, but it will not have a list of unacceptable words. He continued by clarifying that Twitter is not currently changing any policies—just how they enforce them.