On October 27 of the previous year, the world watched as tech magnate Elon Musk made an audacious move, acquiring the microblogging giant Twitter for an impressive $44 billion. His vision for the platform was nothing short of ambitious – to transform it into what he referred to as an “everything app.”
A year later, BeInCrypto takes a closer look at the sweeping changes that Musk has initiated on the platform, from rebranding to introducing subscription models and his undeniable impact on the world of cryptocurrency.
Rebranding and the Introduction of Fees
Musk’s arrival brought a whirlwind of change to Twitter, beginning with the introduction of a subscription model and a rebranding. The platform, now known as ‘X,’ embarked on a new journey. This move was met with mixed reactions from the crypto community, as it enabled users to earn income through their posts on the platform.
Speculation within the cryptocurrency community had been rife before Musk’s acquisition, with many anticipating that he might integrate a native crypto token into the platform. However, Musk dispelled these expectations, firmly stating that ‘X’ would “never” launch a cryptocurrency token.
The ‘Everything App’ Dream
Despite dashing hopes of a native token, Musk has remained resolute in his ambition to turn ‘X’ into the “Everything App.” He envisions an integration of comprehensive financial services within the platform. CEO Linda Yaccarino, echoing this vision, sees ‘X’ as the future of interconnectivity, incorporating audio, video, messaging, payments, and banking. She emphasized the boundless potential of this transformation and their commitment to making it a reality.
Bot Problems Persist
One year into Musk’s ownership, Twitter continues to grapple with a persistent issue that has long plagued the platform: bots. Musk had vocally expressed his frustration with this problem even before taking over. In response, ‘X’ introduced various subscription models, including the recent addition of a $1 subscription model named “Not A Bot,” which is currently in testing phases in New Zealand and the Philippines. Despite these efforts, the platform is still facing a battle against bots and spammers.
Nevertheless, ‘X’ remains a pivotal hub for crypto-related discussions, attracting influencers, CEOs, politicians, and regulators alike as they engage with the crypto community. While user numbers may have seen a decline, its reputation as a pro-crypto platform remains unwavering.
Musk’s Tweets Continue to Move Markets
Elon Musk’s impact on the crypto world didn’t start with his Twitter acquisition. He was known for his frequent discussions about meme coins and their influence on cryptocurrency prices. This influence has persisted under his ownership of the platform, with Musk playfully referring to his Floki dog as the new CEO of Twitter (‘X’) in February.
In conclusion, Elon Musk’s ownership of Twitter has ushered in a new era for the platform, marked by rebranding, subscription models, and a continued influence on the cryptocurrency market. Despite challenges like persistent bots, ‘X’ remains a significant player in the world of social media, particularly in the crypto sphere. The journey toward making it the “Everything App” continues, promising more transformations in the months and years to come.