Tech billionaire Elon Musk’s $44 billion acquisition of Twitter, now rebranded as ‘X,’ has brought about significant changes and ambitious plans for the microblogging platform. A year after the acquisition, the platform’s transformation is well underway.
Also read: X (Twitter) to Test Charging $1 in Battle Against Spam & Scam Bots
Rebranding and Fee Introduction
One of the most notable changes initiated by Elon Musk after acquiring Twitter was the rebranding of the platform as ‘X.’ Additionally, Musk introduced a subscription model, allowing users to generate income through their posts on the platform. This move sparked various reactions from the crypto community, which had speculated about the integration of a native crypto token into the platform. However, Musk firmly quashed those expectations, stating that X would “never” develop a cryptocurrency token.
Despite ruling out the launch of a cryptocurrency token, Musk is determined to make X the ‘Everything App.’ His vision extends beyond social media, as he plans to integrate comprehensive financial services into the platform. CEO Linda Yaccarino also envisions X as the future of interconnectivity, encompassing audio, video, messaging, payments, and banking. The transformation of X is described as limitless, and Musk and Yaccarino are eager to work with their teams and partners to bring this vision to the world.
Bot Problems Persist
One of the persistent challenges that Musk inherited with Twitter was the issue of bots. He had expressed frustration with this problem even before acquiring the platform. To address this, X introduced various subscription models for users, including a $1 subscription called “Not A Bot,” currently in testing in New Zealand and the Philippines. However, these measures have not fully eradicated the bot and spammer problem, and the platform continues to combat these issues.
Despite a decline in user numbers, X maintains its reputation as the go-to hub for crypto-related discussions. Influencers, CEOs, politicians, and regulators continue to engage with the crypto community through the platform. Musk’s influence on the cryptocurrency market has not waned since his acquisition of Twitter, as his tweets continue to impact the prices of various cryptocurrencies, particularly meme coins like Dogecoin and Floki Inu.
Elon Musk’s acquisition of Twitter and its transformation into ‘X’ signifies an ambitious shift towards creating an all-encompassing ‘Everything App.’ While facing persistent challenges with bots, the platform remains a stronghold for crypto discussions and a platform where Musk’s tweets wield significant influence in the cryptocurrency market. The future of ‘X’ as a versatile and comprehensive digital platform holds promise, as it continues to evolve under the leadership of one of the tech industry’s most prominent visionaries.