*Elon Musk’s Acquisition of Twitter*
The biggest social media news story of the year is the turbulent acquisition of Twitter by Elon Musk, which was finally completed in October after months of lawsuits. Concerns about outdated security practices and the number of spam and bot accounts on the platform were behind the delay, but the $44 billion deal has been closed and Musk has since laid off a large volume of employees including several key executives.
Musk has said he wants to transform the platform into an “everything app” such as WeChat. WeChat is used by more than a billion people in China for taking care of everything from shopping to ordering a taxi to paying their bills.
In the short-term, he intends to introduce the capability to host longer videos on the platform, as well as develop ways to monetise content, which will require the introduction of a payment processor.
Some marketers are optimistic about the acquisition while others are looking for replacement platforms in case Musk’s plans do not go as intended or render Twitter unsuitable for their purposes.
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