Elon Musk’s big changes for Twitter are being defined. Musk is taking over the social media platform as soon as his purchase is complete in around six months, and will hit the ground running with his new plans.
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‘My goal, assuming everything gets done, is to make Twitter as inclusive as possible and to have as broad a swathe of people on Twitter as possible,’ Musk said during his Met Gala appearance. ‘And that it is entertaining and funny and they have as much fun as possible.’
After the closure of the deal, Musk is expected to become Twitter’s temporary CEO it was revealed on Thursday.
Musk presented his new plan through 2028 to investors this week, the New York Times reported.
He plans to quintuple revenue to $64 billion by 2028.
‘The billionaire has promised to revitalize the company and expand the number of users by cracking down on spam bots and reducing the amount of moderation to facilitate more free speech’, the Daily Mail reported.
Musk’s plan will increase revenue by five times, increasing annual revenue from last year to 2028 by 5 billion, from 90% ad revenue in 2020 to 45% or $12 billion in 2028.
He plans to receive $10 billion in subscriptions. Musk is said to favor a subscription-based model over advertiser funding, as it would make Twitter less beholden to advertiser pressure. He has even suggested users could pay with cryptocurrency, including joke currency Dogecoin which Musk has long had an affection for, Daily Mail reported.
Of 7,500 Twitter staffers, many of whom are woke, Musk plans to fire 1,000, the Daily Mail reported. His new hires may be upward of 11,000, most in engineering.
On a company level, Musk has previously floated the idea of closing down the San Francisco headquarters in order to save money and that board members may also not receive a salary, shaving off another $3 million in expenses, the Daily Mail reported.
Last month, Musk started a poll on his Twitter account – which has more than 81 million followers – asking whether the firm’s San Francisco headquarters should be converted to a homeless shelter as ‘no-one shows up (to work there)’.
The poll got more 300,000 votes in an hour, with 90% answering yes.
It comes weeks after Twitter brass – who offered staffers the option of working from home ‘forever’ during the pandemic – reopened its offices March 15, with remote work remaining an option for staffers.
Other possible factors in Musk’s plan are data licensing, eliminating ‘bots’ to reduce spam and scams, and monetizing tweets.
As one of the founders of PayPal, Musk is familiar with the world of digital payments.
Twitter Blue, launched in June 2021, is the premium subscription service said to offer ‘exclusive access to premium features’ on a monthly subscription basis. It is available in the United States, Canada, Australia and New Zealand. Users currently pay $3 per month, and Musk hope to increase those subscriptions to 69 million users in 2025, the Daily Mail reported.
‘Price should probably be ~$2/month, but paid 12 months up front; account doesn’t get checkmark for 60 days (watch for credit card chargebacks) & suspended with no refund if used for scam/spam,’ Musk said in a tweet from last month.’And no ads,’ Musk suggested. ‘The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive.’
Musk also proposed an option to pay with dogecoin and asked Twitter users for their views.Dogecoin is widely seen as a joke cryptocurrency, with one Dogecoin worth $0.127 as of May 7
Musk has stood firmly on a platform promoting free speech since ling before the takeover.
‘Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,’ Musk said in a news release announcing the deal.
In regard to freedom of speech, Musk does not favor bans.
He is said to favor temporary ‘timeouts’ for users who break the new rules, rather than permanent bans such as those given to Donald Trump.
Musk has also teased at other new features including an ‘edit’ button to adjust previously posted tweets and also making the platforms algorithms ‘open source to increase trust, defeating the spam bots and authenticating all humans,’ the Daily Mail reported. That would enable people to see exactly why Twitter had chosen to make some tweets more visible to users than others.
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Musk polled Twitter users to see if they wanted an edit button, and the result was four million people responding with 70% voting in favor.
Twitter said at the time that it had been working on such a feature since last year.
It doesn’t necessarily mean that tweets would become shorter, the Daily Mail reported. On the contrary, Musk has told of his desire for Twitter to allow ‘long-form’ tweets. In most cases, tweets can contain up to 280 characters which is double the previous limit of 140.
Musk is planning to be edging toward one billion users by 2028.