Elon Musk’s First 30 Days: Why Advertisers and Users are Quiet Quitting Twitter
On October 27, 2022, Elon Musk finally bought Twitter. It has been exactly one month since he took the helm. The $44 billion acquisition came after a lengthy back-and-forth legal drama. In his own words, he stated why he acquired Twitter, "Because it’s important to the future of civilization."
That's debatable, but what isn't is the fact that his short tenure so far has been marked by a series of controversial moves that have left many questioning his leadership. In this blog post, we’ll take a closer look at some of the decisions Musk has made in his first month as CEO, how those decisions have impacted Twitter’s reputation, how advertisers feel, and why many are flocking to Decentralized Social (DeSo) as a result.
The Decisions
Some of Musk’s major decisions as Twitter CEO in the last 30 days have been firing key executives, gutting a large portion of his workforce, issuing work ultimatums to those remaining, and proposing then ultimately reneging on the blue verified accounts checkmark. This feature would’ve allowed users to verify their accounts by proving they are who they say they are. The purpose of was to decrease the amount of fake accounts on the platform and increase trust between users. However, this feature has also come under fire due to its lack of transparency with some critics arguing that it could create an elitist system within the platform where certain users are given preferential treatment over others.
Why Advertisers Are “Quiet Quitting”
In the midst of all this chaos, advertisers are leaving the platform in droves. This is significant because advertising dollars are the lifeblood of Twitter and other web2 social media platforms.
According to CBS News, “Nonprofit watchdog group Media Matters for America published a report on Tuesday concluding that Twitter has lost half of its top advertisers since Elon Musk acquired the platform at the end of October.
According to the report, 50 of the platform's top 100 advertisers, which have accounted for about $2 billion in spending since 2020, "have either announced or seemingly stopped advertising" in recent weeks. These companies had brought in over $750 million in advertising just in 2022, said the report, which relied on data current as of November 21.
Chevrolet, Chipotle Mexican Grill, Ford and Jeep are among the companies that have either issued a statement or have been publicly reported as recently stopping their advertising on the site, the report said. Others, which Media Matters dubbed "quiet quitters," have seemingly stopped their advertisements on Twitter since Musk's takeover, the report found using Pathmatics data. Those companies include AMC Networks, AT&T, BlackRock, Chanel and Kellogg, among others.”
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Diamond App, Web3 Twitter
In the wake of this and the Twitter turmoil, people are looking for alternatives that put them in control of their content and quiet quitting Twitter in the process. Diamond App is a decentralized social media platform built on the DeSo blockchain that is giving users the power to own their data and make money from day one.
By storing posts and social graphs on-chain, Diamond App gives users the ability to take their data with them on every app built on the DeSo blockchain. This gives users much needed control and ownership over their online presence. No need to log into several different social media accounts. All your content is ported to each app automatically. The best part is that there are no ads.
Diamond App appeals to founders, builders, creators, and web3 curious social media users. It also just launched a native blogging feature which has the ability to help creators build, scale and monetize their audience. Blogging on Diamond is permissionless and decentralized. All content is stored on-chain and 100% open source reaching more than 130,000 monthly active users.
DeSo Protocol
The DeSo website is gaining so thousands of monthly users every day, thanks to the mass exodus from Twitter. Here are four reasons you should check it out now:
As you can clearly see, Elon Musk has certainly had an eventful first month as Twitter CEO. Time will only tell what will happen in the next 30 and beyond, but regardless of what happens, it’s clear that decentralized social is here to stay.
According to Business Insider, Musk is looking to roll-out Twitter 2.0 with many of features that are already inherent in DeSo, so check out Diamond App now, the web3 Twitter.
Learn more about DeSo on deso.com