So it's touted that Twitter is going to be placing a charge on verified Twitter accounts and I'm not surprised, new ownership, new rules. How did people not expect this? Firstly, Elon is a businessman and his main acquisition of Twitter was basically because of the potential of making more money.
I know people were expecting a different type of ownership, I mean Jack Dorsey was the guy who was mostly indifferent about blockchain and crypto and even though there was a time or two which he felt pro-crypto, I only felt it was only a charade to keep up with the latest sophistication out there.
The next big thing then?
Blockchain technology and crypto are the next level web and it was only natural that Twitter was going to tag along. However, because of Elon's massive influence on dogecoin, it was easier to think that his owning Twitter would be revolutionary for Crypto. I'm not saying it wouldn't, I just think it wouldn't be as massive as many people think.
Here's why I think so. Elon tried to desperately dissociate Crypto from Tesla, but people would never have it, much as he (Elon) was involved with crypto, it was always going to be difficult to keep Tesla out of the picture. I think Elon is trying to make Crypto his thing like he wants people to see him and his billions and not his conglomerate of businesses.
One of the reasons why I still think this was so was because of the volatility of crypto. We saw how his stocks rose and shrank due to all that volatility. Nevertheless, Crypto doesn't need the face of wealthy Individuals.
What these people only do is influence based on hype. For Elon, projects like doge were more of a fetish and we saw how he massively influenced a large following but today, doge is back to the trenches and nothing was achieved with all that hype.
So $44B acquisition and some people still think Twitter is up to something revolutionary
......But
The truth is, there's one thing wealthy people do and that's to make money, anything asides from that are secondary, especially when the primary aim is achieved.
I think a lot of people raised alarm when it was said that verified accounts were going to pay an initial fee of $20, but even if this was later reduced, I still think the intent was the same. Now I don't know if this will fee will eventually pass, but let's look at it this way.
Paying a monthly fee means only means that eventually people can be able to buy verified accounts by just having money. Another theory is that people should be willing to pay for their account since its verified status gives them an elevated status, whether they're accomplishing monetary or non-monetary value.
I think people a huge percentage of people with verified accounts will have no option but to pay these fees and this is when they'll only realize they've been achieving so much for free. Now I'm not saying anyone should pay anything to use social media, all I'm saying is we are getting into that era where people will have to pay to use stuff, because it'll be more business-driven than ever and because people have built their lives, personalities and business on social media and hence they'll have to pay.
Especially when they're made to believe that there's no other option. Web2 is heavily monetized from monthly subscriptions to data selling by big techs. One way or the other, private owners will completely dominate and this will only be the beginning.
Money Is Majorly The Endgame
I think Elon is looking to revamp the Financial outlook of Twitter and he feels that people who are deriving some sort of incentives or value have to pay. All these theories might be highly hypothetical, but it's majorly about money. I don't know how this will be sustainable, but since Twitter is going to be giving 3 months before verified accounts lose their verification, I think Twitter is about to go through a phase.
However, I do not think Twitter will lose its audience, especially those who are already too vested in the system. So people will keep paying as long as they need this presence, to validate their identity. Going forward, we have to keep spreading the world around hive. The question now is, do you see other media trying to do what Twitter is currently doing, or is this just Elon trying to swoop into moneymaking?
Interested in some more of my works?
How To Be "THE" Content Creator You Always Desire
The Consequences Of Being Overly Assumptive About Money
A 1.6 Million Naira Use-case For iPhone 14
Free Money: What Will You Do With $216k Worth Of Crypto In Your Wallet? (2)
The 4 Ways Of Developing A Relevant Niche As A Content Creator
Tech & Gadget Sophistication; Picture & Aesthetics
