Remember the days when Twitter was the digital watercooler? A place for breaking news, witty banter, and the occasional celebrity spat? Since Elon Musk’s takeover in October 2022, the platform we knew as Twitter has undergone a dramatic metamorphosis, leaving many users (and advertisers) wondering what’s next.

A Platform with Power and Purpose (2006-2022):

By 2022, Twitter boasted over 368 million active users, a testament to its influence (1). It wasn’t the biggest social media player, but it was impactful. News outlets used it to break stories in real-time (2). Celebrities connected directly with fans (Pew Research Center, 2018), and politicians leveraged its reach to mobilize supporters(3). Twitter also became a breeding ground for social movements, from the Arab Spring’s cries for democracy (4) to the fight for racial justice with #BlackLivesMatter (5)and the reckoning against sexual harassment with #MeToo(6). However, the platform wasn’t without its critics. Concerns arose over content moderation policies that some felt were too restrictive (7), and the coveted blue verification checkmark system was seen as limited and opaque(8)

Enter Musk: A Shift in Priorities (October 2022 – Present):

Elon Musk’s arrival sent shockwaves through Twitter. A self-proclaimed “free speech absolutist,” he promised a more open platform, raising anxieties about the potential rise of hate speech and misinformation(9). These anxieties soon became reality.

The Musk era ushered in a series of significant changes:

• Executive Exodus and Streamlined Workforce: Musk wasted no time shaking things up. Top executives were fired, and over half of Twitter’s 7,500-person workforce was laid off, raising concerns about the platform’s ability to function effectively(10) .
• Monetization Push and a New Identity: Musk wasn’t just interested in free speech, he also wanted to make money. A paid verification system replaced the previous verification process, allowing anyone with $8 a month to sport the coveted blue checkmark . This, coupled with a general shift in user base, led to a rebranding in July 2023. Twitter was no more; hello, X.

Engagement and Safety Concerns:

Reports suggest a rise in user engagement after the takeover, possibly due to algorithm changes . However, this engagement comes at a cost. Critics argue that X is now a breeding ground for hate speech, misinformation, and anti-LGBTQ+ rhetoric. Studies by independent researchers suggest a significant increase in such content since Musk’s acquisition.

The Uncertain Future of X and its Impact on Marketers:

The future of X remains a question mark. Will it become a haven for unfettered expression or devolve into a toxic online environment? This uncertainty creates a dilemma for advertisers and marketers:

• Brand Safety: Can brands advertise safely on a platform with looser content moderation? How can they ensure their messages aren’t displayed alongside hateful or misleading content?
• Target Audience: With the user base potentially changing, how will marketers need to adapt their strategies to reach the right people on X?
• Evolving Landscape: How will X’s future development affect marketing campaigns? Will new features emerge that require innovative approaches?

The Musk era has undeniably transformed Twitter. As X navigates its new course, advertisers and marketers will need to adapt their strategies to this evolving social media landscape. One thing is certain: the days of the watercooler Twitter are over, and the future of X remains to be written.

Sources:

• eMarketer/Insider Intelligence, December 2022
• Nieman Lab, Harvard University, 2017
• ScienceDirect, “The Rise of Twitter in Political Communication,” 2014
• The Guardian, 2011
• Data & Society Research Institute, 2016
• Columbia Journalism Review, 2017
• The New York Times, 2018
• The Washington Post, 2021
• The Verge, 2022
• CNBC, 2022
• The Wall Street Journal, 2023