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The takeover of Twitter by Elon Musk
The takeover of Twitter by Elon Musk has been, shall we say, eventful. Unfortunately for Musk, brands special data prefer stability to eventfulness when allocating their advertising budgets.
Twitter is not the biggest advertising platform, but it still plays an important role in any brand’s marketing strategy. Naturally, brands that already invest in Twitter marketing are wondering what might come next. In this article, we will lay out the facts so far and then hypothesize about some potential future scenarios – and what advertisers should do to prepare for each.
Elon Musk closed his takeover of Twitter
Elon Musk closed his takeover of Twitter on October 27th for $44 billion, after repeatedly trying to pull out of the deal. Since then, he has laid off thousands EL Leads of staff and many others have opted to leave the company after Musk demanded they sign a ‘loyalty oath’.
His big idea so far has been the addition of a new subscription service for verified accounts at $8 per month. After a string of parody accounts paid the fee and then imitated major brands, Musk delayed the service’s launch. These actions had a material effect: the pharmaceutical firm Eli Lilly’s stock price fell 4% after a parody account pretending to be the company’s official handle tweeted that “insulin is free”.
