Since Tesla and SpaceX founder Elon Musk purchased Twitter last month, the internet has been awash with rumours and speculation on what this takeover will mean. The final $44 billion deal is one of the largest in tech history, and one thing for certain is that he plans to shake up the declining platform and bring users back. However, what does this mean for advertisers?
When announcing his takeover plan, Elon made it clear he was aiming to safeguard free speech and place more focus on ensuring accounts are legitimate, and interactions are more meaningful. While this certainly sounds positive, and the promised technical innovations will help to drive the often laggard platform in line with its peers, many people are worried about what his crusade on safeguarding free speech actually means.
Twitter has long been criticised for its toxic nature, and many fear that by safeguarding what he deems as free speech, Elon could be pushing the floodgates further open. Many people are already leaving the platform in protest and seeking their social connections elsewhere, with TikTok now the fastest growing networking site, tripling its ad revenue in the last year.
Signs of hope
That said, many are excited that Elon’s takeover will give the platform the reinvigoration that it desperately needs. One industry that many expect will flourish under the new CEO will be the cryptocurrency market, which often fluctuates based on a single tweet that Elon shares. Many other tech brands are also hopeful that his takeover could be very beneficial for their advertising, so the next few months could be very interesting for advertisers as things become clearer.
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