On October 27th, 2022, tech billionaire and prolific Twitter user Elon Musk bought the company and appointed himself CEO. The acquisition cost Musk a total of 44 billion U.S. dollars and came after he initially agreeing to purchase Twitter following a shock bid in April 2022. Musk previously stated his views that the platform does not support the principles of freedom of speech, and looks to make alterations, such as changes to current regulations, open-source algorithms, and the eradication of fake accounts.
The changing of the Twitter Blue feature was one of Musk’s first modifications as the company’s new CEO. Twitter’s blue tick verification was originally free and reserved for high-profile individuals, allowing users to recognize trustworthy sources. Musk announced that consumers will now have the option of becoming verified members for eight U.S. dollars per month. In addition, it is expected that the company's workforce will undergo significant adjustments.
Twitter’s company financials
In 2021, Twitter’s revenue amounted to over 5 billion U.S. dollars and the company incurred a net loss of 221 million U.S. dollars. Overall, the majority of Twitter’s revenues were generated via advertising, with a small portion being generated through data licensing. Twitter went public in November 2013 and is ranked as one of the largest internet companies in the United States with a market capitalization of 28.93 billion U.S. dollars as of February 2022.Twitter’s audience
As of the second quarter of 2022, Twitter had 237.8 million monetizable daily active users (mDAU), indicating steady growth in users in recent years. Although the micro-blogging platform is popular, its audience size does not compare with social media giants such as Facebook, YouTube, and WhatsApp – all of which have over 2 billion monthly active users. Twitter finds popularity amongst those aged 25 to 34 years, with this age group accounting for 38.5 percent of the social platform’s worldwide user base in 2021. Additionally, men made up 56.4 percent of Twitter’s audience.As of April 2022, former U.S. President Barack Obama was the most followed person on Twitter, with a total of over 131 million followers. Justin Bieber, Katy Perry, and Rihanna followed, all with over 100 million followers on the platform.
Social media users' activities on Twitter
People use Twitter for many reasons, and their activities on the platform differ depending on their tweet volume. As of May 2021, 82 percent of high-volume Twitter users in the United States used the site for entertainment purposes, compared to 76 percent of low-volume users. Additionally, close to eight in ten high-volume tweeters use the site as a way to express their opinions. In 2021, Twitter was the online network from which over half of social media users in the United States regularly got their news. Social media users are therefore more likely to access news from Twitter than any other major social media platform.Public opinion
As with most social media platforms, false information and harmful content are a cause for concern. In May 2021, over half of all respondents surveyed in the United States stated that inaccurate or misleading information was a major problem for Twitter. Additionally, 47 percent said that harassment and abuse on the platform were also main issues. Nonetheless, as of November 2021, almost 40 percent of adults in the United States had a favorable opinion of Twitter.Twitter and Threads go head to head
On July 5th, 2023, Meta Platforms released Threads, a text-focus app that integrates with Instagram. Threads has been compared with Twitter for many reasons, as it boasts a real-time micro-blogging format, and the ability to share links, photos, and video. Unlike Twitter, Threads allows free verification via users’ Instagram account. Perhaps unsurprisingly, Meta users were quick to sign-up for the easily verifiable network, and within 24 hours of being released, Threads amassed around 30 million sign-ups.
