Elon Musk’s Acquisition and Transformation of Twitter into “X” Platform
With the famous businessman Elon Musk’s acquisition of the American social media platform Twitter and its transformation into the “X” platform, the digital landscape of social media platforms has witnessed a remarkable shift. This transformation has been accompanied by apprehension regarding the potential success of the “X” platform. What is the story behind the transformation of Twitter into the “X” platform, and what are the implications of this experiment on Twitter’s audience?
Elon Musk initiated the acquisition process of the American social media company Twitter on August 14, 2022, and completed the full acquisition on October 27 of the same year. The acquisition amounted to $44 billion, leading to the ousting of the company’s officials and employees. Additionally, the platform’s name was changed from “Twitter” to “X,” with this change being announced on July 23, 2023.
Subsequently, Musk transformed the old brand logo, the “Twitter bird,” to take the form of the letter “X” in black and white. He mentioned that the reason for choosing this symbol was to make the application “an app for everything.”
Musk’s Aspirations for the Platform
Some speculate that Musk’s plan to transform Twitter indicates his desire to create a social media platform similar to the Chinese platform “WeChat,” which integrates social networking, voice calls, payment services, and various other functionalities. Musk likened the Chinese platform to an all-in-one integrated platform that does everything, resembling the combination of Twitter and the electronic payment application PayPal.
Musk considers the WeChat platform suitable for everyday life, as it is widely used, even though its usage is limited to China. Therefore, by transforming Twitter into an integrated platform, Musk expects the new “X” platform to increase Twitter’s user base to between 200 million and 1 billion users.
Naming the Platform “X”
Numerous previous facts related to Elon Musk’s career have indicated his strong association with the letter “X” and his belief in its potential for success. In 1999, Musk was involved in founding an online bank called “X.com.” Afterward, the bank merged with another company called Confinity and was renamed “PayPal.”
After a period of time, Musk reclaimed the domain name “X.com,” expressing its significant meaning to him, in 2017. In 2022, Musk founded the space technology development company “SpaceX,” which achieved several successes, including cost reduction for space access through the development of reusable rocket technology.
In 2015, Musk launched the automobile manufacturing company “Tesla,” followed by the remarkable success of the “Tesla Model X,” an electric car with advanced technological features.
In 2022, Musk established three holding companies under the name “X Holdings.”
The Platform’s Personalizing Practices
Amidst the speculations regarding the “X” platform, many sources have indicated that Musk utilized the platform with personal bias. Controversial practices included imposing bans on some entities while lifting bans on others. The platform also lifted bans on numerous political advertisements, resulting in a complete update of the previous Twitter privacy terms.
A new feature was added to the “X” platform, wherein a blue verification badge (indicating a verified account) appears next to the user’s name on the platform in exchange for a monthly payment of $8. This move faced criticism for leading to cases of identity impersonation and the creation of untrustworthy accounts in exchange for fees.
Furthermore, the platform included a feature that enhances the visibility of posts by users who have paid for the blue verification badge, along with a program to share advertising revenues with these users and provide various financial incentives. Consequently, users who disseminate misleading information may garner significant interaction and financial returns, encouraging them to continue such practices.
Musk also used the platform to promote his other companies and endorse certain politicians, leading to the expulsion of some journalists such as “NBC,” sparking outrage among the social media community.
Despite Elon Musk’s historical successes in the technological world, starting from Tesla to OpenAI and SpaceX, the present image of the “X” platform remains unclear. Its fate is still unknown and depends on Musk’s abilities to revive it and regain trust from its audience.
