Elon Musk bought Twitter… Now What?
If you haven’t heard already, Tesla founder, Paypal co-founder, and multi-billionaire Elon Musk bought Twitter last week for $44 Billion. It was a surprising turn of events to say the least, as the initial interaction happened between Musk and a Twitter executive. Musk said the purchase was in the name of free speech, as he plans on making the company private after the purchase. Since he will be the sole proprietor of the company, Musk will be making the rules and regulations for the platform moving forward.
So, what does this mean for social media marketing? There is no finalized plan from Musk yet, so the platform will stay as it is for the time being. However, there are some features that Musk has already said he is going to incorporate into the app.
Create an edit button so users can edit past tweets on their page.
Open up Twitter’s algorithm to the public
Loosen content restrictions
All three of these features seem to be in favor of brand marketing in terms of how to lead a successful marketing campaign on Twitter. Brand accounts will be able to edit posts rather than having to delete and repost because of any changes (which we know happens often in the marketing industry).
Brands will also have an inside look at the algorithm that makes certain users see certain content. This will allow brands to use the algorithm to their advantage when they want to show certain content to their target audience.
Lastly, Musk is planning on loosening content restrictions. Now, Musk said this was in the name of free speech, as he believes the current rules surrounding posting content restrict the rules of free speech. This is an interesting take, however, this feature may allow for longer tweets or media to be posted to the app, which could help brands by allowing them to cross-post content to different platforms, depending on what Musk decides to do.
What are the downsides to Musk buying Twitter, you might ask?
The main downside to this purchase is that Musk doesn’t have a background in social media management or the functionality of the application itself. Some of his decisions may not be backed up by fact or prior knowledge of algorithms, coding, etc.
Furthermore, Musk seems to be throwing around the term “free speech” without understanding the true implications of what could occur if the app was to be considered a free for all. Misinformation could be spread and loopholes could be sought after to post hate speech and other hurtful content by users.
Rest assured, although it was surprising, there are no immediate changes being made to the platform. And (we think) Musk seems to be thinking through his game plan in terms of rules and regulations.