Is Elon Musk’s Twitter still relevant or dead?

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Twitter for One?

Twitter anyone? In the battle for the Metaverse, also known as the social media platform wars, Facebook and Instagram are leading the charge (let’s be honest, mostly Instagram) with TikTok closing the gap. Snap is becoming irrelevant. Now there’s a slew of newcomers that are soaring and dying, BeReal being the most recent ascent and Clubhouse being one of the most major flameouts? But what about one of the social networking OG’s, Twitter? 

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The last year for the company hasn’t been about what is happening on the platform but rather what has been happening within the platform. Tesla and SpaceX CEO Elon Musk now adds another project to his plate as he was once going to buy the company, then backed off, then nearly was sued, and then fulfilled his obligation to buy the company.

However after he took control, and he let the sink in, literally, there was a mass exodus of employees and users. Many key engineers did not like Musk’s “hardcore” culture, which included “working long hours at high intensity” and thus opted for three months severance. After layoffs and employee exits, #RIPTwitter trended on itself. 

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Advertising Lifeblood

Musk met with more than 100 advertisers to assure them that the platform would stay safe to advertise on. However, amongst those that departed were his security and trust team. General Motors, United Airlines, Pfizer, General Mills, Mondelez, and Audi have all halted advertising on the platform. Eli Lilly has also stopped advertising after a false verified account tweeted that its insulin would become free, which wiped out billions in market cap in a single day.

SpaceX, owned by Musk, has started advertising on the platform, however. Outside of advertising, Balenciaga has quietly left the platform of which their account had 1 million followers.  Despite this, there is no sign of a decline in Twitter posts. Combined with Musk’s allowance of Trump back onto the platform, could this be the inflection point for the struggling platform? 

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Twitter’s original one-to-many non mutual following system was revolutionary for the time but since then most social networks have taken this model for themselves.  Twitter seemed to be poised for a comeback when they bought Vine in 2012. Vine was one of the pioneers of short form video, which is all the rage now with TikTok and Instagram Reels. Yet Twitter failed to cultivate that product which led to its discontinuation in early 2017. 

Heavy competition from Meta’s products, LinkedIn, and new entrants like Snap and TikTok have made it difficult for Twitter to stay relevant. Many are experiencing social media burnout and simply continue to use Twitter because they’ve already built a following there. 

The social media platforms feel a bit like the streaming wars. You’ll go to the platform that your content is on. HBOMax, Hulu, Netflix, Disney+, Paramount+,  Apple TV, or the hundreds of other services that have popped up. Is Trump a big enough user to move the company? Truth Social receives 513K DAU, compared to Twitter’s 217m.  Probably not. 

New Followers / New Exilees

On top of that, it seems like with every new controversial figure Musk brings back to Twitter, someone else drops off. Musk has also brought back Marjorie Taylor Greene, Andrew Tate, Jordan Peterson, The Babylon Bee, Kathy Griffin, and Kanye West. In addition to Balenciaga, Shonda Rhimes, Sara Bareilles, Toni Braxton, Mick Foley, Whoopi Goldberg, Gigi Hadid, Brian Koppelman, Erik Larsen, Tea Leoni, Bill Morrison, Ken Olin, Marina Sirtis, Sully Sullenberger, and Alex Winter have all left the site. 

Is there anything else that can save Twitter? How can Twitter resurrect its cool factor? Is Twitter becoming Truth Social?  Is Musk the right leader? So many questions here and so few answers. Are you using Twitter? Is it a major part of your business? Drop us a note and let us know 

Is Elon Musk’s Twitter still relevant or dead? via @famecastmedia

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