Look Who's Taking Over: Elon Musk Purchases Tweeter for $420, GM Pauses Paid Advertising On Twitter
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A Brief Introduction To This Article
The year is ending with a bang. It seems that everyone is up in arms about something Elon Musk has done. This time, he’s bought Twitter for $420. Yes, you read that right: $420. As we speak, everyone is wondering what this means for the future of social media and whether or not Elon Musk is out of his mind throwing money into outdated technologies.
The truth is that we don’t know what his intentions are just yet – but let’s take a look at some of the other purchases he’s made over the past few months to see if there’s a pattern here…
Why Did Elon Musk Purchase Twitter?
There are several reasons why Elon Musk would purchase Twitter. The first and most obvious reason is that he wants to control the message. The President of the United States is currently involved in a lawsuit against Twitter for allowing fake news to be posted and spread across the globe.
Twitter’s stock has plummeted since the election, and many think that the company will be forced to shut down if they don’t get a handle on their fake news problem. Another reason why Musk might have purchased Twitter is to jumpstart engagement on Tesla’s social media channels.
Tesla has a presence on all social media platforms, but they have a hard time keeping up with their traffic. In fact, Tesla’s social media channels usually top out at a few thousand followers, but with a purchase like this, Musk has the opportunity to capture the attention of millions.
GM Pauses Paid Advertising On Twitter
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS— Elon Musk (@elonmusk) October 27, 2022
General Motors has temporarily halted Twitter's paid advertising following the $44 billion acquisition of the social media company by Elon Musk. According to CNBC, GM has decided to stop advertising on the platform. GM has temporarily halted its paid advertising on Twitter, according to TechCrunch.
As part of normal business procedure when there is a major shift in a media platform, we have temporarily ceased our paid advertising,” the company said in an emailed statement to TechCrunch. Our customer care activities on Twitter, however, will continue.
It is unknown how much of GM's advertising budget is dedicated to Twitter advertising. All automakers have a presence on Twitter, although not all of them engage in paid advertising. Ford, GM, Stellantis, Porsche, VW, and Volvo are only a few of the traditional automakers in addition to newer brands such as Rivian that have social media accounts on the platform.
Fisker is still active on Twitter, even after its founder and CEO, Henrik Fisker, deleted his account in April following the announcement of the Musk-Twitter deal. Musk tried to assuage advertisers’ concerns over Twitter’s future on Tuesday by publishing a statement on his Twitter account describing his plans for the platform.
Musk said he had been misinterpreted on many issues. Musk wrote that Twitter has the potential to become a “common digital town square” and that it cannot be “a free-for-all hellscape.” He believes that as a result of Tesla’s success, GM will continuously need to compete and succeed in EV sales.
Back in October, Tesla surprised everyone when they purchased a solar panel manufacturing plant in New York. The plant was owned by SolarCity, and Tesla had previously announced that they would be acquiring SolarCity. When Tesla made the purchase, they didn’t just take over the solar panel plant; they also took over the building it’s housed in.
This led many to believe that Tesla was planning on making more than just solar panels. Some believe that Tesla has a few futuristic devices up their sleeves that require a manufacturing plant to produce. Others don’t think much of it and think that SolarCity was losing money and Tesla wanted to shut it down.
While we don’t know for sure what Tesla’s plans for the plant are, we do know what the company plans to do with the building. Tesla plans to use the building as a showroom where potential buyers can see and feel the latest in vehicle technology.
Back in March, SpaceX purchased an abandoned launchpad in Florida. The company purchased the launchpad from NASA and has since been refurbishing it in preparation for future launchings. There are some who believe that SpaceX has plans to expand their launchpad capabilities and start launching more rockets than they currently do.
There are others who believe that the company has bigger plans in mind. The launchpad that was purchased by SpaceX has been used to launch rockets into space for decades. The launchpad has since been decommissioned and is no longer being used. However, SpaceX has plans to make some renovations and repurpose the launchpad as a landing pad for rockets.
It’s clear to see that Elon Musk has some big plans for the future. These purchases are small when compared to the amount of money he’s making from Tesla, but they show that Musk is thinking ahead. Who knows? Maybe in a few years, Musk will own the entire social media platform and be able to control the message of the future.
Or maybe he’ll shut down the entire network and start fresh with something new and revolutionary. In any case, we’re sure that Musk has something big in store for Twitter, and we can’t wait to find out what it is!