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Why does Elon Musk want to buy Twitter?

Elon Musk, the richest person in the world, is one of Twitter’s biggest fans. Musk loves Twitter so much that he is wanting to purchase the 16-year-old company for $54.20 a share, which totals roughly $44 billion. The future of Twitter is unclear as Musk has not revealed his full intentions with the platform yet, but we do know that he wants to explore and develop the company’s “tremendous potential”.

Elon Musk now has the power and freedom to curate and reshape the way we know Twitter, which will affect over 200 million people who use Twitter on a daily basis. But the question on many people’s lips is, “Why does Elon Musk want to buy Twitter?”

Twitter

Free Speech

One of the reasons the Tesla C.E.O. is making moves to purchase Twitter is to develop it to adhere more closely to the principles of free speech. Musk made a statement saying that Twitter is “the bedrock of a functioning democracy” and that it is the “digital town square where matters vital to the future of humanity are debated.” To achieve this, Musk may change some of Twitter’s policies which means fewer people will be banned from the platform. After making in known that he wished to purchase the platform, Musk tweeted, “I hope that even my worst critics remain on Twitter… Because that is what free speech means.” There are also rumours that Musk may reinstate former U.S. President Donald Trump’s Twitter account to enforce free speech across the platform.

Musk may be purchasing Twitter for his own wants

Besides this, it seems that Musk wants to own the social media platform to achieve personal wants. Purchasing the entire platform and not only a share of the private company means that Musk can make changes to the platform as he deems fit.

Musk has said soon after the announcement of his intentions that he would loosen the social media platform’s moderation policies and lessen efforts to rid Twitter of bad actors who violate the service’s guidelines. The Tesla C.E.O. also wants to add an edit button to Twitter, he wants the platform to create its algorithm, and for Twitter to eliminate spam bots. Musk has been especially passionate about eliminating spam bots and aims to authenticate human users with a form of verification on the social media platform.

Musk may be purchasing Twitter for his own wants

Twitter’s main business model may change

Musk also aims to change Twitter’s main business model. The platform’s main business model is currently ad-based. It is reported that Musk wants to change this and make the platform’s main business model based on subscriptions. This has been critiqued by many, as most social media platforms are free-to-use and do not need paid subscriptions.

Besides this, Musk has proven that he is a risk-taker and is unpredictable. The billionaire has successes like PayPal and Tesla, which are successful businesses in different fields. This shows that he is not afraid to break boundaries and take risks, which he may do with Twitter. It is a well-known fact that Musk is passionate about crypto-currencies. He may use Twitter to incentivise payments using crypto-currencies, such as Bitcoin or dogecoin.

Elon Musk also wishes to purchase the entire social media platform and not the initial 9.2% stake he was offered. If Musk had accepted the initial offer it would have been more responsibility as he would have become one of the platform’s board members. Seeing that the purchase of Twitter is a private sale of a private company, Musk will likely experience little to no regulatory obstacles.

Twitter’s main business model

Conclusion

Purchasing Twitter would be see as one of the highlights of Elon Musk’s career and is sure to be a game changer in the social media sphere. Determining which changes will take place on Twitter is unclear and difficult to predict at the moment, but it is clear that Musk, should he decide to proceed, is going to switch things up.

Social Media Management

Social Media has infiltrated nearly every aspect of our lives 

Social media is constantly evolving and has infiltrated nearly every aspect of our lives – keeping up with it isn’t an easy task. Of course, social media isn’t just for personal use -it has become an integral part of digital marketing and can help a business develop from a start-up into a smooth-running machine.

Social media marketing is all about communication.  According to industry legend, Neil Patel, “Social media marketing is the process of creating content that you have tailored to the context of each individual social media platform in order to drive user engagement and sharing.”

Facebook has 2.320 billion users by the end of 2017 and even though there are currently over 7.5 billion people in the world, one in four people have a Facebook account. Patel claims that Facebook is quite literally taking over the world and that in some ways, it is a country of its own. With so many active users on a daily basis, social media presents a prime marketing opportunity.

That’s only Facebook and it’s worth noting that each platform is different in that they each require their own strategy. One thing remains the same, however, the content. Content drives each social media platform. In Neil Patel’s article, Social Media Marketing Made Simple: A Step-by-Step Guide, he unpacks some key social media terms. We have summarised them here for you:

Content: Content is whatever you are posting on your social media profiles. This includes text, videos, and images. Each social network requires different forms of content meaning that what you post should be tailored specifically to each platform.

Hashtags: Incorporating hashtags into your posts have become a very common way of adding meta information on nearly all social networks. Twitter, Facebook, Instagram, and Pinterest thrive on hashtags which lets you describe the topic of your content or mark it as part of a current trend.Hashtags make content easier to find and share – especially if it’s part of a trend.

Shares: Shares are considered the currency of the social media world, they are all that matters. While “likes” are also important, you want people to pass your message on.

Engagement: Engagement just means that other users see and interact with the content you share on social networks. This includes liking, commenting on and sharing your posts.

Fun fact: Nomophobia is the fear of not being near your mobile phone. 

In another article, Social Media for Business: A Marketer’s Guide – by Saige Driver. Driver explains that not every social platform in a good fit for every business, businesses need to invest in the platforms where they are most likely to reach their target audience. Here’s what you should know about each of the most popular social media platforms:

Facebook

Facebook can be used to share any type of content from photos to important business updates. With a business account, you’ll be able to access various advertising and analytics tools. Having a business page also enables you to highlight operating hours, contact information and the products and services on offer.

Instagram

With Instagram gaining popularity, it’s important to note that the platform is almost entirely mobile meaning that you can’t create or upload content from your desktop. Artists tend to do well on Instagram as they can take photos and upload them on-the-go with their mobile devices. It’s important that whoever runs your page has some basic photography skills and a keen eye for detail.

Twitter

Twitter is the ideal platform for posting short updates about your business or sharing links to longer content such as a blog. Twitter has a character limit of 240 characters but also allows the sharing of multimedia content, links, and polls etc. Driver suggests that if you’re a highly visual business or if you don’t have a blog, you may want to skip Twitter. All in all, Twitter is a great platform to quickly spread the word.

Watch: How to Start Social Media Marketing (4 ESSENTIAL Tips for Beginners) – By Neil Patel

If you would like to learn more about the fast-paced world of social media marketing, take a look at our Social media marketing short course here: https://www.immsc.co.za/online-course/social-media-marketing-short-course/