Tesla CEO Elon Musk thinks a new Twitter might be needed

Mahatma Gandhi once said, “Be the change you wish to see in the world”.

Not sure that Gandhi thought of the capitalist world of business, economics and billionaires. Or, maybe one billionaire in particular.

You’re here (TSLA) – Get the Tesla Inc report CEO, or the “Technoking of Tesla”, as he likes to call himself, Elon Musk has advocated for major changes to be made to social media platform Twitter (TWTR) – Get the report from Twitter, Inc. in the last 24 to 48 hours.

Musk’s Twitter feed is a digital party and his nearly 80 million followers never forget to participate.

Musk recently tweeted that “Twitter does not respect the principles of freedom of expression” and thus undermines democracy”.

He went ahead and asked if Twitter needed a new rival.

Social media is currently dominated by meta-platforms (Facebook) – Get the Class A report from Meta Platforms Inc.Owner-owned Facebook and Instagram, and others including Twitter, TikTok and Snapchat (BREAK) – Get the Class A report from Snap, Inc..

The billionaire and avid tweeter was likely heartened by the response he received to another Twitter poll he conducted on the subject, where he hinted at “significant” consequences.

The poll, which garnered more than 2 million votes, said “freedom of speech is essential to the functioning of a democracy. Do you believe Twitter strictly adheres to this principle?”

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The “no” won with just over 70% of the vote.

More recently, Musk wondered if Twitter should be replaced by a new, potentially open-source social media platform. The Tesla boss tweeted on Friday that Twitter was changing its algorithm and making it accessible, that is to say open-source.

As the richest man in the world, Musk with a net worth of $256 billion, according to the Bloomberg Billionaires Index, could certainly afford to launch a rival on Twitter. Of course, he didn’t say he planned to. He was simply drawing attention to the idea that a rival might be needed.

Where is Twitter now?

At the end of fiscal 2021, the company was cashless and reported adjusted negative free cash flow of $370 million.

For the full fiscal year ending in 2021, Twitter’s revenue grew 36% to nearly $5.08 billion, from $3.7 billion a year ago. The company significantly reduced its losses to $221 million from $1.13 billion a year ago. Non-GAAP net income rose to a profit of $165 million from a loss of $689 million a year ago.

The social media company said its daily user base grew 2.84% from the previous quarter to 217 million.

In November, co-founder and chief executive Jack Dorsey officially announced his departure from Twitter and named chief technology officer Parag Agarwal as the new CEO.

“During my first 10 weeks on the job, I focused on improving our execution using three key groups: increased accountability, faster decision-making, and a focus on doing less work. things in the pilots,” Agarwal said on his first earnings call since taking on the new role.

“What is changing is an increased focus on execution designed to deliver the results our clients and you all expect of us. Second, we are investing to drive growth given the huge market opportunity we let’s see,” Agarwal added.

The company will release its first quarter results on April 28.

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