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Elon Musk Completes the Transformation of Twitter Into X

Elon Musk Completes the Transformation of Twitter Into X

According to one recent study, Twitter had nearly 436 million monthly active users as of January 2023. The only thing more impressive than that is the fact that just one month prior, it only had 366 million – representing a staggering amount of growth in a short amount of time. Twitter, by its nature, has been disruptive since its inception.

But now, thanks to new owner Elon Musk, it is especially so. The tech billionaire has recently changed the name of one of the most popular social networking platforms on the globe to X – a move that is worth examining for a number of key reasons with big implications for the future. Twitter is Dead. Long Live “X” To quickly get caught up to speed, keep in mind that Musk only closed his deal to purchase Twitter on October 27, 2022. He quickly became the company’s CEO, at which point he also dissolved the existing

Twitter board of directors. To say that a lot has happened in that time is a bit of an understatement. He completely changed the way Twitter identity verification works, turning it into a paid subscription service. He laid off nearly 50% of the Twitter workforce. His tenure has been so controversial that it has been said it was the main reason why Mark Zuckerberg and Meta developed the new platform Threads, which has more than a passing resemblance to the way Twitter previously looked and functioned.

The company has also lost roughly 66% of its value during this period by most estimates. Now, the Twitter branding is no more. In addition to a new name and logo, Musk has changed language like “retweet” and removed other references to its past. In its place is “X”, which Musk has said he hopes will become a state of “unlimited interactivity” for people around the world. In other words, he wants it to be something far grander than Twitter was or could ever hope to be. Something he says is centered in “audio, video, messaging, payments, banking,” and more. Disruption is in the Eye of the Beholder If nothing else, Elon Musk’s transformation of social networking giant Twitter into X is nothing if not a lesson on the very nature of disruption.

Even though the word itself often has a negative connotation, the truth is that it is neither inherently good nor bad. The perception has less to do with the act itself and is more about the interpretation of those observing it. When Steve Jobs walked across a stage in 2007 and introduced the iPhone to the world, few could have predicted just how much disruption he would cause. That device changed the way we think about personal computing, standalone GPS units, digital cameras, wireless communication – you name it. But at the time, it was met with a lot of skepticism.

After all, mobile phones had existed for years prior to that. Why should anyone care about this one in particular? Another example would be a group of Reddit users employing the Robinhood app to disrupt the way we think about the Stock Market, possibly forever. They used a mobile app to suddenly shift the balance of power on Wall Street in a way that there may be no going back from. But at the time, it was met with derision and laughter. A bunch of “know-nothing kids” trading stocks and sharing information with each other on a message board? You’ve been able to trade stocks online for years. Why should anyone care about this specific instance? What both those examples have in common is that the disruption they brought with them was simultaneously a positive and a negative depending on your point of view.

They were disruptive not necessarily in ways people wanted or how they expected, but were ultimately what they needed at that moment in history. As the great Henry Ford once said “if I had asked people what they wanted, they would have said faster horses.” All this is to say that, while Elon Musk’s transformation of Twitter into X is certainly being met with criticism in real-time, will that perception stand the test of time? Will this, too, be something that people one day look back on and think “that’s where it all started” in the same way they do about the iPhone? Does Elon Musk have a grand plan in mind, one that will also give the people not what they want but what they need? Or will this all go down as one of the most clear-cut examples of a brand in decline in the history of not only social media, but of business in general?

A master class in having a brand transition go so poorly that you end up potentially getting charged by the San Francisco authorities as a result of it? Right now, nobody can say for sure. But one thing is certain: X has already managed to be disruptive and will likely remain so for the not-too-distant future.

Elon Musk takes over  Twitter

Elon Musk takes over Twitter

Can you believe it? It worked. But what does it mean for the media? What does it mean for “free speech” and the market of opinions? Elon Musk has finally bought Twitter — and tanked his own stock doing it. What does that mean for digital disruption?

A Hostile Takeover

Earlier in the month, Elon Musk started a hostile takeover of Twitter by purchasing an immense number of shares. Twitter reacted by enacting a poison pill measure; a poison pill is something a company does specifically to avoid a hostile takeover, making it effectively impossible for a company to be taken over through stock purchases alone.

But despite the board initially saying that Musk would have no control over the company, they quickly introduced him to the board. And when he offered $44 billion for Twitter itself, they rather quickly folded. Musk is known for his capricious but often visionary purchases; he did not build Tesla but rather purchased it.

Interestingly, until the very end, Reddit posts were saying Musk could never take over. But Redditors have a long history of skepticism, going back to the Robinhood App.

Why Does Musk Want Twitter?

Musk has a weird relationship with Twitter. He doesn’t like being censored. So much so that he’s been fined repeatedly by the SEC for saying things that manipulated Tesla’s stock prices. Musk says that he wants transparency on the platform but it’s also likely he wants the freedom to do what he wants.

Whether he’s the proper steward for a channel that has become a leading resource for news and even political change remains to be seen. Musk cut his teeth in digital disruption with PayPal and his forays into Tesla and SpaceX have both been markedly successful. But they are very different technologies.

The Consequences for Tesla

Tesla stock, meanwhile, has been absolutely slaughtered. In part, this is due to the perception that Musk is acting irrationally or emotionally, which he has historically been prone to do. If he’s purchasing Twitter as a means of radically decentralized discourse, that’s one thing. If he’s purchasing it because he wants people to stop saying mean things about him on the internet, that’s a vastly different situation. Regardless, Tesla stockholders got to see the stock plummet.

The Consequences for Twitter

While many users have abandoned Twitter, the reality is that people are mostly meh. As one user stated, “if you’re upset over a billionaire buying Twitter, wait until you find out who owns everything else.” So, a billionaire bought an online platform/mobile app. What else is new?

For many, the reality of the situation is that Twitter is just a social media venue that they can take or leave, and most appear to be waiting to see what happens.

Entrepreneurs, though, will face broader implications. One thing Musk does have a stance on is algorithm transparency.

Algorithm Transparency and Business

No one knows what special sauce Google uses to make sure that results surface. That’s the point. Billions are spent every year trying to figure it out in the form of search engine optimization.

Musk wants to make visible the mechanisms that promote posts on Twitter. And that could be both a problem and an opportunity. It will either radically change the way people are using Twitter or (more likely) destroy it as spam becomes even more aggressive and prevalent.

Companies that lean firmly on Twitter for their advertising campaigns are currently right to be wary.

Note that the Musk deal with Twitter could still fall through. It’s not finalized. He may discover that he didn’t want to buy Twitter after all. He may get butthurt that Bill Gates’ short position against Tesla paid off big. And Twitter itself may decide not to capitulate.  

Still, this gives rise to many thoughts as to how the wealthy can control discourse, how vulnerable the entrepreneurial disruption community is to its tools, and how the internet is evolving today. The Twitter purchase will undoubtedly disrupt business on the platform and mobile app; the question is how much?

Genuine storytelling

Genuine storytelling

In the world of memes, tweets, and Snapchat stories, it’s easy to assume that engaging consumers means trimming things down. With an audience that has a shorter attention span than goldfish, slimming down marketing strategies to 160 characters seems like the way to go. But statistics show otherwise: engaging and emotional marketing strategies are far more successful than stereotypical promotional advertisements.

Authentic storytelling gives your brand personality. It allows your audience to connect with the company in a way that stands out among the fast-food style content that floods users’ Facebook feeds. This might be through longer-form blog posts, video production, or audio postcards. But the bottom line is that authentic storytelling focuses on developing a human connection. It sells your product or service with discretion, emotion, and relatability.

Tips for authentic storytelling:

  • Use sensory words. Amazingly, your brain cannot tell the difference between what is real and what is imaginary. Smelling coffee and reading about coffee trigger the exact same reaction in your brain. By using sensory details, you create a memorable story that humanizes your brand.
  • Use emotion to your advantage. Research shows that emotionally engaging marketing messages are twice as successful as promotional advertisements.
  • Know your audience and what they value. You wouldn’t talk to your boss in the same way that you would talk to your brother. Similarly, you have to understand your audience before you can have a conversation with them.
  • Be genuine. Numbers, formulas, statistics—it’s easy to get lost in these things. Developing a relatable story that’s organic and fresh will engage consumers in a way that standard promotional marketing just can’t live up to.

This unconventional strategy brings personality and energy to your brand. It gives your company a distinct voice in the industry, actionability to move your brand forward, and deeper insight into the values of your customers. Building these connections with your audience allows you to grow customer loyalty through common interests, beliefs, and standards. It starts a conversation, engaging consumers in a new and vibrant way.