Elon Musk Buys Twitter
Let That Sink In
Elon Musk officially acquired Twitter on October 27th, 2022, but the future is uncertain for the tech giant after the acquisition, as spending on advertising has dropped and a mass exodus of Twitter employees has occurred due to a transition to a “hardcore” work culture.
Elon Musk announced that users could pay $8 per month for Twitter verification, which has led to many accounts posing as large corporations and making tweets that have wreaked havoc. Eli Lilly and Company, a pharmaceutical company known for producing insulin, a protein that is used to regulate blood sugar levels in people with diabetes, has recently been harmed by this change. A Twitter account posing as the company said, “We are excited to announce insulin is free now.” This caused the stock price of the company to plummet. This tweet and others similar to it have caused advertising revenue to decline but have also provided social commentary on current issues.
As a result of Elon Musk buying Twitter, he laid off substantial numbers of employees on November 4th, which led to the Twitter offices temporarily closing. Additionally, Musk issued an ultimatum on November 16th, stating that employees must commit to a hardcore work culture or resign from the company.
