Twitter under its ‘Chief Twit’ – revenue dip, layoffs, and a cost for the blue tick

Without giving specific figures, Twitter and Tesla CEO Elon Musk stated on Friday that the social media network has experienced a “huge loss in revenue” as a result of advertisers stopping their expenditure there.

Despite Musk’s assertions of the revenue dip, MediaRadar, an ad analytics tool, found that Twitter’s ad spending had been declining before his takeover of the firm was complete and before civil society organisations started pressing companies.

Data from MediaRadar shows that Twitter advertisers climbed in April and May, around the time when Musk’s proposal to take Twitter private was disclosed, before it started to fall. However, the platform’s average number of advertisers decreased from 3,900 in May to 2,300 in August. In September, there were 2,900 advertisements.

Major corporations like General Mills, Audi, and General Motors announced they would temporarily stop spending money on Twitter advertisements in order to observe how the platform would change under Musk’s ownership. Although it’s unknown how many clients are following the advice of IPG agencies, the advertising giant recommended customers momentarily suspend their Twitter media plans.

50% employees laid off in a week

Since he took office on October 28, Twitter has fired or laid off about 50% of its staff.

According to correspondence obtained by CNBC, Twitter warned staff members Thursday evening that it will start terminating jobs. The Twitter content moderation staff is anticipated to be among those laid off.

Twitter temporarily closed offices and suspended badge access “to help ensure the safety of each employee as well as Twitter systems and customer data,” the memo said.

If retained, they will receive an email to their company email address. They have been sacked if they receive a letter in their personal mailbox.

There are consequences to the changes’ rapidity. Twitter has already been sued for failing to provide adequate notice of its intention to cut around 3,700 positions. Following Musk’s massive layoffs, a coalition called #StopToxicTwitter, made up of more than 60 civil rights organisations, including the Anti-Defamation League and Accountable Tech, announced on Friday that it intended to intensify its pleas to Twitter advertisers to stop purchasing ad space on the platform.

However, Musk defended his actions by tweeting “Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day. Everyone exited was offered 3 months of severance, which is 50% more than legally required.”

Musk, who referred to himself as “Chief Twit” met with a group of executives from civil society organisations earlier this week to discuss worries about hate speech and erroneous election-related information on the platform.

Hate speech increased on Twitter since Musk became CEO as trolls and racists have plundered the social media network. A false and anti-LGBTQ conspiracy theory regarding the house invasion and assault of Paul Pelosi, the husband of House Speaker Nancy Pelosi, was also tweeted by Musk before it was deleted.

$8 per month fee for retaining the blue tick

To support his decision to charge $8 per month for the blue tick on the microblogging site, Musk went on a meme binge. Musk has reiterated his position on the topic since the accusation was publicised, drawing criticism, but he didn’t stop tweeting memes in defence of his choice. The wealthiest businessman in the world, who doesn’t seem to be bothered by the criticism, shared a bunch of memes in favour of his controversial choice.

He has now changed his bio to “Twitter Complaint Hotline Operator” and tweeted Trash me all day, but it’ll cost $8”.