Elon Musk and Twitter Blue, between chaos and bankruptcy

Elon Musk has raised the specter of bankruptcy regarding Twitter, the company he acquired for $44 billion. Meanwhile, the $8-a-month version of Twitter Blue, as expected, has generated chaos.
It is not the best way to start, but dealing with Elon Musk and his Twitter management, it is fitting. The premise is that all this that you are about to read is constantly evolving, between news, denials, and news and then denials. A flood of information from which no clear and certain plan emerges with respect to the future of Twitter.
This is the tale of the last 48 hours.
Despite all the optimism Elon Musk has been trying to instill for days, talking about growing numbers (without providing data) on the basis of which he is trying to appease advertisers, within the first letter addressed to employees of the company now in his hands the tone is different.
Elon Musk, Twitter and the letter to employees.
And so, in between tweets (he is now said to be over 25 tweets a day), Musk found time to write to the employees left behind after the heavy cutback in staffing in the aftermath of the company’s handover. The email sets out the points that will characterize his management, such as: the end of remote work and the 40-hour, in-person work week.
But the content dwells on what Twitter’s situation is today. Basically, the Tesla founder calls it a dire situation that, for its very survival, will not be able to do without the paid version.

“Frankly,” – he writes in the email – “the economic picture ahead is dire, especially for a company like ours that depends on advertising in a difficult economic climate. In addition,” – he continues – “70 percent of our advertising is branded instead of performance specific, this makes us doubly vulnerable!”
Twitter one step away from bankruptcy
According to Twitter’s new owner, the company co-founded by Jack Dorsey is one step away from bankruptcy and the priority remains Twitter Blue.
As we know, and we learned well in these days immediately after Elon Musk took office as the new owner of the San Francisco-based company, when we talk now about Twitter Blue we no longer refer to its original meaning. And that is, as a separately developed app with additional functionality.
In this new phase of the platform, Twitter Blue takes on a central or rather, it would be the case to say, fundamental value. The founder of Tesla, in no uncertain terms calls Twitter Blue a “top priority.”
Obviously, given the situation that has arisen, this seems to be the only solution that could bring revenue up.
Advertising revenues have already taken a sharp downturn as soon as Elon Musk crept to the helm of Twitter. Companies such as Allianz, Audi, L’Oréal, and others have suspended their campaigns on the platform in response to the idea of making Twitter an open platform for all. An idea that Musk has been reiterating since the beginning, without specifying how to counter the phenomenon of spam, bots, and hate content.
In recent days Elon Musk had also generically accused activists of pressuring advertisers to stop advertising on Twitter and avoid giving money to Elon Musk. And again Elon Musk continues to try to appease companies by claiming that nothing will change from their point of view and that Twitter remains a platform with growing numbers. For days Twitter of data, without providing details, that tell of a growing increase in the use of the platform and an increase in the number of daily users.
But the news of the last few hours brings us back to the usual problem of spam, trollo, fake accounts, and even the flight of managers who resign.
A hard blow, from this point of view, comes with the resignation of more managers who have left the company in the last 24 hours. The exit of one in particular has caused a lot of surprise, and we are talking about Yoel Roth, Twitter’s head of moderation and security who only until two days ago was at Elon Musk’s side explaining that everything was proceeding as usual. He had also taken part in Wednesday night’s space (in Italy) in Musk’s presence, a space listened to so far by more than 1.8 million users.
And, just in the last few hours also comes the farewell to Twitter by Lea Kissner, Twitter’s CISO, i.e., the company’s head of Information Security.
It is striking how, especially in relation to these latest names, the people who are supposed to ensure the security of the platform are leaving Twitter in particular. These are resignations that confirm how the change in ownership is on course with everything that Twitter was until October 27 of this year.

Going forward, accounts engaged in parody must include “parody” in their name, not just in bio
– Elon Musk (@elonmusk) November 11, 2022

As mentioned, Twitter Blue is and will be central to the future of Twitter, it is now quite evident. But just as we write Twitter Blue has been temporarily disabled on iOS, the only operating system on which it is currently available (it is not yet for Android and the web version of the platform). The explanation is that there has been a substantial increase in fake accounts, verified with a blue checkmark through Twitter Blue, that were actually impersonating celebrities, journalists, politicians. In some cases even the US president, Joe Biden.
An unfortunate situation that forced Twitter to suspend the paid membership app. In short, a situation that cannot but be described as chaotic.
The most egregious case is the one that happened to Eli Lilly, the Indianapolis-based, worldwide gluey pharmaceutical company that has gone down in history as one of the first companies to produce insulin. Well, a fake account with the company’s name, created through Twitter Blue with appropriate verification tick, created the most total case with a tweet announcing the company’s intention to make insulin free.

UPDATE-Just learned that Eli Lilly executives are raging and furious at losing $20 billion in market cap from this stunt with @TwitterBlue. It’s too bad they don’t see their own damn insulin price gouging as the actual problem. Karma @LillyPad, karma. pic.twitter.com/AzXRpMH8mi
– Eric Feigl-Ding (@DrEricDing) November 11, 2022

Did Twitter Blue tweet just cost Eli Lilly $LLY billions?
Yes. pic.twitter.com/w4RtJwgCVK
– Rafael Shimunov is on Mastodon (@rafaelshimunov) November 11, 2022

This was a serious case of authorized hacking, paying the famous $8 a month, no hacking required. It is as if the company’s account was hacked using a mode that should have instead achieved the opposite effect, according to Elon Musk.
The company’s stock then lost, in connection with that fake tweet, 4.45 percent.
As already mentioned, Twitter Blue, according to the latest information on the matter, for a payment of $8 per month ($7.99 per month), which in our country will most likely be 7.99 euros (about $8.2 at the current exchange rate) will add the verification sign and unlock other features. And about the verification checkmark there has been a lot of discussion these days, partly because it is still unclear to many what will happen to those who already have the checkmark. Below we try to provide a little more clarity.

Welp, sucks for those who are already verified. They’ll be dead soon. https://t.co/NQp2HDiGuO pic.twitter.com/wgAsn4DqAz
– Chris Messina 🐀 (@chrismessina) November 11, 2022

The new version of Twitter Blue and the blue tick.
Based on what is known so far, those who already have the checkmark will continue to have it. The verification request method, which was last active until a few days ago, is discontinued, and new subscribers will necessarily have to pay $8 to get the blue tick. This means that any new major account, such as a large company, news outlet, or university, must pay through Twitter Blue.
Twitter then lets it be known that the subscription will include higher placement of tweets in replies and searches; 50 percent fewer ads; and the ability to upload longer videos. Elon Musk previously tweeted that there may be a way to read news articles for a fee.
These are additional features beyond those already provided for the first version of Twitter Blue, at $4.99, with the ability to edit tweets, use an NFT image as a profile picture, and upload high-resolution videos.
Now, from the moment an account is verified the words “This account is verified because it is a subscriber to Twitter Blue” will appear, while previously verified accounts, which, as we said, will retain the checkmark, will have this statement “This account is verified because it is important to government, news, entertainment or another designated category.”
And this is where we should stop due to the fact that the news is coming in a frenzy. But we will come back to it and bring it to your attention.

In this space we have chronicled the news of the moment about and #ElonMusk and #Twitter but also the point of view of us users, in between.Thanks to @ezekiel @antoniopalmieri @morenaragone @FraLauricella @jeperego and everyone. Until next time! 👇 https://t.co/tOXVVdDRdK
– Franz Russo (@franzrusso) November 11, 2022

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