Elon Musk, the new owner of Twitter, has revealed his plans for the company. On Wednesday, November 9th, he was on Twitter spaces to discuss urgent issues arising from the new Twitter policies.
Musk, last week, filed an application to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for permission to execute financial transactions using Twitter. This relates to Elon Musk’s vision for Twitter.
The platform’s ad revenue has declined since Musk’s takeover. Because of Elon Musk’s advocacy for free speech, major brands have pulled their ads from the platform, assuming that hate speech would be tolerated.
Musk discussed Twitter’s content policies, assuring users that no changes have been made. Twitter remains a welcoming and secure environment. He also confirmed the company’s plan to proceed with an $8 payment for “Twitter blue” verification. He added that content creators would now have a better way to monetize and make a living.
The technology industry is currently in a downturn. Inflation is also on the rise in major countries, and layoffs are prevalent. Twitter is no exception; nearly half of the workforce has been laid off in order to cut costs and increase revenue in the face of economic challenges.
The Impact of Musk’s Proposed Changes on Twitter
Musk believes that the proposed changes to Twitter will give the company more freedom and help it grow.
The CEO’s vision is for Twitter to become an “everything app,” similar to WeChat, a Chinese social media platform. WeChat is more than just a way to communicate with friends and family. Users can order a ride, food, or clothes while texting their friends and family. It truly is an excellent example of a multifunctional application.
This is what Musk says he intends to build Twitter into: a “super app” that makes life easier. In the future, users will be able to send money to others from Twitter, make purchases directly from vendors, and possibly order a ride home.
Musk had prior experience building a payment company called “X-com,” now known as Paypal. As a result, he is optimistic about the new rollout’s success.
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