The power online blogs have to literally shape public opinion is crazy to me.
Musk‘s made some poor decisions with Twitter in regard of user policies, but they’re ultimately very low level decisions and were quickly reversed. I mean looking at it, what are the big mistakes he’s actually made? Enforced an unworkable policy in a misguided attempt to ban doxxing? Oh no! The horror, the horror!
He is trying to turn Twitter from being heavily advertising funded to being more user funded. The problem is that his rate of ~$100/yr for paid user accounts is less than Twitter made from advertising for those same users.
Even if that weren't true, you would expect someone try to try for a smooth transition (even if they were trying to execute quickly because they piled debt on in a leveraged buyout). There have been very few wins (and tons of losses) in maintaining existing advertiser relationships. This includes laying off the account reps, leaving these advertisers with no mode of contact (except I suppose hoping Elon notices they 'at' him).
Meanwhile, the Blue checkmark devastated their trust in the platform to maintain their brand value, while him reinstating accounts has caused a lot of advertisers to be reluctant to risk having their brand associated with the platform in general.
Twitter is hemorrhaging revenue at a time where they have dramatically increased their debt. For ~200 million monetizable users pre-acquisition, they need to get about 10 million of them (~5%) to buy into Twitter Blue just to offset the
interest on their new debt, without taking into account paying employees, hosting, or trying to get out from under that massive lead balloon.
That is why the advertisers backing out and even non-advertising brands leaving Twitter was such a big deal - he needs all that advertising revenue AND needs an unheard-of conversion to paid accounts in order for Twitter to survive.
When putting aside all of the clickbait blog nonsense, he managed to reduce the workforce by 80% and maintain the same technical service on Twitter - saving the company hundreds of millions of dollars. He opened a new revenue stream in Twitter Blue, which is still developing.
Independent reference for that 80% number?
Twitter Blue already existed. He just raised the price, and promised a few features which either haven't actually shipped or which got pulled back for being horrible ideas (which I suppose is also his Tesla playbook).
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He even managed to get literally all of the advertisement revenue to come back to Twitter following one of the most severe media attacks I’ve ever seen against a company.
I'd love an independent reference for this as well.