One year ago, billionaire and new owner Elon Musk walked into Twitter's San Francisco headquarters with a white bathroom sink and a grin, fired its CEO and other top executives and began transforming the social media platform into what is now known as X.
X looks and feels something like Twitter, but the more time you spend on it the clearer it becomes that it's merely an approximation. Musk has dismantled core features of what made Twitter, Twitter - its name and blue bird logo, its verification system, its Trust and Safety advisory group. Not to mention content moderation and hate speech enforcement.
"Musk hasn't managed to make a single meaningful improvement to the platform and is no closer to his vision of an 'everything app,' than he was a year ago," said Insider Intelligence analyst Jasmine Enberg. "Instead, X has driven away users, advertisers, and now it has lost its primary value proposition in the social media world: Being a central hub for news."
The blue checkmarks that once signified that the person or institution behind an account was who they said they are - a celebrity, athlete, journalist from global or local publication, a nonprofit agency - now merely shows that someone pays $8 a month for a subscription service that boosts their posts above un-checked users. It's these paying accounts that have been found to spread misinformation on the platform that is often amplified by its algorithms.
It's not just the platform's identity that's on shaky grounds. Twitter was already struggling financially when Musk purchased it for $44 billion in a deal that closed Oct. 27, 2022, and the situation appears more precarious today. Musk took the company private, so its books are no longer public - but in July, the Tesla CEO said the company had lost about half of its advertising revenue and continues to face a large debt load.
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