Net Worth

Users said Elon Musk Needs to Resign

Elon Musk prompted users to vote in a poll on whether he should leave his position as CEO of the social media giant. Elon should resign from his post, according to more than half of the survey respondents.

Musk declared he would follow the poll results before the results being released. 42.5% of respondents chose no, while 57.5% chose yes when the poll was over. But as of right now, Elon has nothing to say about this. The vote took place months after Elon took control of Twitter and involved 17 million users. Numerous specialists and well-known people condemned Elon for his policies and actions, which included significant layoffs, feature modifications, and suspensions.

With too much controversy and outrage, Elon introduced the blue check verification on Twitter months ago. Musk then decided to pause the Blue Check membership. Elon has recently prohibited the sharing of links from other social media platforms. Less than 24 hours after he made the decision, he reversed it in response to strong opposition from numerous people. Elon said he would like users to participate in future policy changes on Twitter.

“No one wants the job who can keep Twitter alive. There is no successor. The question is not finding a CEO. The question is finding a CEO who can keep Twitter alive,” Tweeted Musk.

“This has been a black eye moment for Musk and been a major overhang on Tesla’s stock which continues to suffer in a brutal way since the Twitter soap opera began with brand deterioration related to Musk a real issue,” said Dan Ives, Wedbush Securities analyst.

Read Also: Home Builder Confidence is Low in November

The subscription plan from Twitter

Elon introduced the blue check mark to give Twitter another way to make money. For the option to have a blue checkmark on their profiles, users will need to pay $8 a month. Because other people might pretend to be another famous person, many users responded strongly to this. To demonstrate this, a user updated her profile picture to one of Musk’s.

“Going forward, any Twitter handles engaging in impersonation without clearly specifying ‘parody’ will be permanently suspended,” said the CEO.

“Previously, we issued a warning before the suspension, but now that we are rolling out widespread verification, there will be no warning. This will be clearly identified as a condition for signing up for Twitter Bl3ue. Any name change will cause temporary loss of verified checkmark,” Elon added.

“The new Blue isn’t live yet — the sprint to our launch continues, but some folks may see us making updates because we are testing and pushing changes in real-time. The Twitter team is legendary. New Blue, coming soon!” added the Twitter product team manager.

“Eight dollars is not cost-prohibitive for scammers. So it is essential that Twitter figures out this whole official or not issue,” said Rache Tobac from Social Proof Security.

“Right now, we have people making jokes, impersonating the president, impersonating Nintendo, and Elon Musk is laughing at those jokes because he thinks they’re funny right now. What’s not going to be funny is someone impersonating an election official. And meddling and causing interference with the election results,” she added.

Twitter filing for bankruptcy

Given all of Twitter’s issues, several analysts suggested that Twitter may declare bankruptcy to avoid future financial difficulties. Elon mass-fired staff and drastically reduced spending at the business. The CEO of Twitter admitted that the company’s financial situation and ability to pay off debt are both poor.

“It’s hypothetically possible that he could use more of his Tesla stock to bail out Twitter or turn to his cadre of co-investors, who would probably have no trouble finding the money. So the saying, ‘if you owe the bank $100, that’s your problem, but if you owe the bank $100 million, that’s the bank’s problem’ might apply here,” Wu explained.

“Bankruptcy would also allow Musk to refinance the debt, which would make the company more financially stable. But, in addition to potential financial returns, my sense is that Musk and his co-investors are ideologically driven. And that they’re really driven by values,” he added.

Read Also: SWOT Mission to Assess the Condition of Planet’s Waters

Revamping the blue check

Twitter Blue, a redesigned version of the Blue check tool, was reintroduced. Whether they are people, businesses, or other types of entities, Twitter Blue will continue to be a monthly membership plan that will display in various colors. Elon’s decision to increase prices for Apple customers, starting at $11, is an unexpected aspect of the redesign. The only cost for other users is an $8 monthly subscription.

“On Monday, we are bringing back the ability to subscribe to TwitterBlue — it’ll be $8/mo on the web and $11/mo on iOS. In addition, we’ve added a review step before applying a blue checkmark to an account as one of our new steps to combat impersonation (which is against the Twitter Rules),” said Twitter Product Management Director Esther Crawford.

“You’ll start seeing gold checkmarks appear in your timeline — those are indicators for businesses. Soon afterward, you’ll see gray checkmarks which are for government and multilateral accounts.”

“Big thanks to the Blue team for all your hard work — this continues to be a collaborative effort involving folks from eng, product, design, health, legal, marketing, sales, and more!”




Opinions expressed by Net Worth contributors are their own.