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Elon Musk hopes Trump victory will help his $44bn Twitter bet pay off (www.theguardian.com)

submitted 1 week ago by [email protected] to c/[email protected]

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The platform’s billionaire owner has seen its value plunge as advertisers run shy, revenues drop and user numbers fall

Two years ago, there was some trepidation among advertisers, anti-hate-speech groups and staff about Elon Musk's acquisition of Twitter.

Those concerns have been borne out: advertisers have sharply reduced spending on the platform, Musk has sued nonprofits over their coverage of a rise in controversial content and about eight out of 10 employees have been sacked.

The service, now rebranded as X, is not worth the $44bn Musk paid for it on 27 October 2022 -- later tweeting "the bird is freed" in a reference to its corporate logo. The plunge in value reflects the damage done to its advertising-dependent business model.

But its continued influence as a news source and its role as an outlet for broadcasting its owner's rightwing views to his 200 million-plus followers, means the benefit to the world's richest person does not need to be measured in financial benchmarks alone.

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[–] [email protected] 7 points 1 week ago

Maybe then he won't get deported