Tech billionaire Elon Musk has once more accidentally gathered responses from crypto enthusiasts to his tweet.
It’s been a year since Elon Musk purchased Twitter in October 2022. He celebrated the anniversary with a tweet where he recalled his earlier post from October 28 last year, saying “the bird is freed,” referring to Twitter’s iconic blue bird logo.
Freedom https://t.co/aIZXUJbhGc
— Elon Musk (@elonmusk) October 27, 2023
Prominent Twitter Changes Since Musk’s Purchase
Elon Musk’s journey to acquire Twitter wasn’t straightforward. It began in the summer of 2022 when he purchased nearly 10% of Twitter’s stock, becoming the platform’s largest individual investor. He was even offered a seat on the board of directors, which he declined. Later, Musk made an offer to buy Twitter, but it was initially rejected. However, Twitter eventually agreed to sell, and Musk agreed to the purchase, but he unexpectedly withdrew from the deal, leading to a lawsuit.
Ultimately, Musk paid $44 billion to acquire Twitter. Following the acquisition, he swiftly implemented cost-cutting measures. This included significant layoffs in both top management and regular staff, along with the closure of local offices in several countries. Additionally, Musk introduced an $8 monthly fee for blue verification checkmarks, which were previously granted based on vague criteria. He made this change to generate additional revenue for the company, emphasizing the need for Twitter to diversify its income beyond advertising.
1 year since Elon Musk bought Twitter/𝕏
– Rebranded as 𝕏.
– Launched the beta of audio/video calling.
– Improved the live streaming quality.
– Launched Ad revenue share program for the creators.
– Started paying the creators twice in a month.
– Paid ~$20 million dollars to… pic.twitter.com/FkFCCBwxMp— DogeDesigner (@cb_doge) October 26, 2023
After Elon Musk acquired Twitter, some advertisers initially left the platform, but over time, they began to return. Several new features were introduced, including monetization, which allows users to earn a portion of ad revenue, and subscription features, enabling users to charge a monthly fee to access their content. Twitter expanded its capabilities beyond microblogging, allowing users to post longer messages and live stream videos. Currently, voice and video call features are undergoing testing. Twitter is also in the process of rebranding itself as “X” and has attracted 500 million monthly active users.
When Musk purchased Twitter, he expressed his primary objective was to restore freedom of speech on the platform. He viewed Twitter as a “global town square” where people could communicate and exchange ideas, which is why he tweeted about “freeing the bird” when he bought the platform last year.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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