Twitter is rattled and unsure about its future, Twitter is struggling while it waits to find out how Elon Musk’s buyout proposal will be resolved.
The company is in limbo only days before the first court hearing in Twitter’s lawsuit, which seeks to compel the Tesla CEO to complete the $44 billion deal. Read more…
An engineer at the important social media network told AFP under the condition of anonymity, “The greatest outcome for me would be that he leaves us alone so that we can go on our merry way.”
An “environment of uncertainty that does not leave one with a serene frame of mind,” according to the engineer, also included personnel departures.
However, there was nothing typical about Musk’s unsolicited offer, which he has since withdrawn, claiming that Twitter had concealed the number of bogus accounts the platform was home to.
He has mockingly criticised the network’s leadership and strategy in tweets posted on the network’s own platform, no less.
The company’s attorneys claimed in their complaint filed this week that “Musk’s frequent disparagement of Twitter and its people generates doubt…” that hurt Twitter and its stockholders.”
According to the attorneys, the billionaire’s remarks “also expose Twitter to detrimental repercussions on its business operations, employees, and stock price.”
A judge has scheduled the first hearing in the case for Tuesday at a court in the eastern state of Delaware. Read more…
Twitter is experiencing a severe image crisis, and eMarketer analyst Debra Williamson told AFP that people are losing faith in its leadership. But it’s unclear whether the Musk problem has hurt its income.
According to her, the most devoted advertisers have probably remained, whilst those who are less committed to Twitter may have reduced their expenditure while anticipating the outcome.
Because Musk is frequently criticises content control, says Media Matters president Angelo Carusone, the damage is already done.
Numerous internal advocates for the battle against hatred and misinformation are worried that their brands will convey negative connotations.
Carusone claimed that Twitter was “unable to provide advertisers any clarity or confidence” that it would continue to be a secure showcase for them” during an annual marketing event in early May where businesses negotiate significant advertising deals.
Losing users would be disastrous for the social network situated in San Francisco.
In contrast to large fish like Google and Facebook parent Meta, which control online advertising and generate billions in revenues, Twitter lost hundreds of millions of dollars in 2020 and 2021.
In 2022, the company will earn less than 1% of all advertising revenue worldwide. According to eMarketer, this compares to 12.5% for Facebook, 9% for Instagram, and almost 2% for the rapidly growing upstart TikTok.
Additionally, according to Williamson, an analyst at eMarketer, Twitter’s user base in the United States is predicted to hardly increase and could even decrease. Read more…
Potential Twitter investors drool over his promises to increase revenue by five times. And push the company’s user base to one billion by 2028.
Instead, a legal battle is intensifying that may “end with Twitter on its own. And weaker than it was before this whole thing started. Or with Williamson forewarned that Twitter might be bought by an unhappy investor. Who changed his views and no longer wanted it.
The conflict is expected to continue for several months. According to eMarketer, this compares to 12.5% for Facebook. 9% for Instagram, and almost 2% for the rapidly growing upstart TikTok.
Additionally, according to Williamson. An analyst at eMarketer, Twitter’s user base in the United States is predicted to hardly increase, and could even decrease.
The conflict is expected to linger for months. At a time when businesses must be quick to capitalise on new audio and video formats. Diversify their revenue streams. And also draw in younger consumers due to a stable economic downturn.
Media Matters president Carusone said. At least Facebook can respond to present threats. Even if they’re responding improperly.”The ability for Twitter to properly respond to anything is now unavailable. Read more…
However, The social network’s attorneys have accused Musk of refusing to approve two programs. That is intended to keep selected top talent amid a period of severe. Uncertainty drove in large part by Musk’s unpredictable behavior” by withholding his consent.
Some employees have also lost faith in management internally, which they would have preferred to address more forcefully.
An economic analyst at Twitter named Parker Lyons. Even went so far as to post a number of memes criticising. The company’s board for its agreement with Musk.
In one, the gunshots from the board are seen shooting into Twitter. And also the caption “Who could have done this?” is mocking. Read more…