Elon Musk has provided insights into his perspective on the $44 billion acquisition of Twitter, now rebranded as X, and offered an assessment of the platform’s progress under his ownership.
What Happened: During his recent virtual appearance at the All-In Summit, Musk was asked about the state of Twitter since his acquisition and how he feels about making such a big purchase decision now.
In response, the tech billionaire said that the platform has witnessed a significant uptick in advertising, a positive sign for the platform’s financial health. He stated, “We’ve recently seen a significant increase in advertising. If that continues, I think the company will be in very good financial shape on the advertising front.”
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In terms of features, Musk highlighted the platform’s rapid development pace, comparing it to Twitter’s previous progress. He mentioned that the company introduced more new features under his leadership than previous Twitter management had in five years.
“The feature development pace is very rapid,” Musk said, emphasizing that this progress was achieved with a smaller team—approximately 15% to 20% of the original company.
Musk also drew a straightforward analogy to describe the platform’s maintenance: “Frankly, it’s like a group chat at scale. I don’t think you need an army to maintain a group chat.” Clearly justifying his decision to fire 85% of the Twitter staff.
Additionally, the tech mogul touched on the platform’s performance metrics, particularly user engagement, stating, “We keep seeing record usage, and the user engagement metrics are very good.”
Simply put, Musk expressed optimism about the platform’s future, stating that it had recently turned a corner towards moderate prosperity, with hopes for significant growth ahead.
Why It’s Important: Earlier this year, Musk said he doesn’t regret paying an “outrageously” high price for acquiring Twitter. At the time, he also voiced agreement with Twitter’s co-founder and former CEO Jack Dorsey over his opinions about reforming the microblogging site as a public company.
Photo courtesy: Thomas Hawk on Flickr
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