As a researcher, I have closely followed Elon Musk’s journey with X and have been particularly intrigued by his recent resolve to take on those responsible for the ad revenue boycott. With his acquisition of X in 2022, Musk made it clear that he wanted to prioritize free speech on the platform and foster citizen journalism. However, the departure of major advertisers like Coca-Cola, Microsoft, and Airbnb due to the ad boycott posed a significant challenge.
Elon Musk has chosen to confront those primarily responsible for the boycott affecting X’s advertising revenue. This decision was prompted by the recent Congressional hearing led by Ben Shapiro, revealing the strategies manipulating ad financing.
Elon Musk X and Ads Boycott
Elon Musk, an influential American billionaire, has raised concerns among mainstream media outlets due to his vast wealth. Notably, when he purchased X for a staggering $44 billion, Musk made it clear that he was committed to upholding free speech on the platform. As a result of this commitment, citizen journalism flourished and there were growing reports suggesting that people trusted information from X more than they did from traditional media sources.
One significant obstacle prevented this from being accomplished efficiently: advertisement revenues. Following his takeover in 2022, numerous advertisers have departed from the social media platform. Brands such as Coca-Cola, Microsoft, and Airbnb are among those that have ceased their advertising campaigns. By November 2023, this exodus had resulted in a potential loss of up to $75 million in ad revenue for the X app.
To boost the management of the social media platform, Elon Musk implemented major overhauls. Initially, he let go of a substantial workforce from X to reduce expenses on recruitment and maintenance. Subsequently, he initiated subscriptions for the X app, encouraging users to finance the business directly.
As a researcher studying digital trends, I’ve observed that despite initial opposition, the X app has managed to flourish without relying on advertisement revenue. In light of recent platform restrictions favoring traditional media outlets, Elon Musk expressed his hope that some jurisdictions would consider taking legal action against those responsible for such censorship.
Based on the findings revealed by Congress today, Company X is compelled to take legal action against those involved in the advertising boycott scam, including the instigators and accomplices.
Hopefully, some states will consider criminal prosecution.
— Elon Musk (@elonmusk) July 11, 2024
The Push Toward The Everything App
One significant development with X is the shift towards becoming an all-in-one application. Going beyond its initial function as a micro-messaging tool, there’s talk about integrating X payments for users in the future.
According to recent developments, Elon Musk’s company has obtained licenses in over 20 US states for its X payment system. Moreover, it has recently extended licensing to Hawaii and other offshore US areas. Although the rollout schedule for X payments is yet to be disclosed, progress on the project continues unabated.
Elon Musk is advocating not only for payment integration but also email services on his platform, named XMail. Whether or not he’ll follow through with the lawsuit threat is uncertain; if he does, it won’t be the first instance of a major legal dispute for him.
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2024-07-11 21:20