What we Learnt From Musk’s First Year Ownership of X (Twitter)

On October 27 last year, tech billionaire Elon Musk made an interesting acquisition. He spent $44 billion to purchase the microblogging platform Twitter for $44 billion with a vision of turning it into an “everything app.”

A year later, BeInCrypto examines the transformative changes, including the rebranding and other alterations initiated by the billionaire within the platform.

Rebranding and Fee Introduction

Musk made a major alteration to Twitter by implementing a subscription model and rebranding the platform as ‘X.’ This decision triggered varied responses from crypto users, who can now generate income through their posts on the platform.

Before Musk acquired the platform, the cryptocurrency community speculated that the billionaire would integrate a native crypto token into the social media platform.

However, Musk has quashed any possibility that the site will launch any cryptocurrency token, saying X will “never” develop a token.

The ‘Everything App’ Dream

Despite killing the dream of a token launch, Musk remains focused on making X the Everything App. According to Musk, the app will soon be integrated to include comprehensive financial services. 

CEO Linda Yaccarino also described X as the future of interconnectivity, including audio, video, messaging, payments, and banking. She said:

“There’s absolutely no limit to this transformation. X will be the platform that can deliver, well….everything. elonmusk and I are looking forward to working with our teams and every single one of our partners to bring X to the world.”

Bot Problems Persist

One year after Musk’s acquisition, the persistent issue of bots remains. It’s worth recalling that the tech billionaire vocally expressed frustration with this problem before taking over.

To combat these bots, X has introduced various subscription models for its users. The most recent development introduces a $1 subscription model, aptly named “Not A Bot,” currently undergoing testing in New Zealand and the Philippines.

However, the move has failed to stop the deluge of bots and spammers as the platform continues to battle these issues.

Meanwhile, the platform maintains its stronghold as the go-to hub for crypto-related discussions. Influencers, CEOs, politicians, and regulators alike continue to use X as a means to engage with the crypto community.

While there has been a decline in user numbers, its reputation as a pro-crypto platform remains steadfast.

Musk’s Tweet Continues to Move Market

Before acquiring Twitter, Musk was known for his frequent discussions about meme coins. His posts had a notable impact on the prices of cryptocurrencies like Dogecoin and Floki Inu.

That has continued deep into his ownership of the platform, with him jokingly referring to his Floki dog as the new CEO of Twitter (X) in February.