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Hi everybody and welcome back to the Elon Musk podcast a Twitter.
The renowned social media platform once considered the
heartbeat of the digital world has experienced its steep down
fall in value purchased by Elon Musk the Techno entrepreneur,
and CEO Space X and Tesla. The platform is value has
plummeted to one third of the acquisition price as revealed by
Fidelity's recent markdown of its Equity stake in Twitter.
Now, Elon Musk who once saw Twitter as an opportunity to, to
push the boundaries of social media has confessed that the
acquisition was not as fruitful as he had envisioned.
Now purchased for an astronomical forty four billion
dollars, including thirty three point, five billion dollars in
equity. Twitter's value has halved
according to mask the exact methodology by which Fidelity
determine the markdown remains undisclosed leaving.
Unanswered questions about whether they had access to any
non-public information from Twitter.
Now, the first signs of decline emerged in November when
Fidelity reduced the value of its Twitter steak to 44 percent
of the original purchase price and this initiated a series of
further markdowns in December and February, marking a
troubled, fiscal trajectory for the platform.
And since musk took control, Twitter's Financial Health has
been precarious saddled with thirteen billion dollars of
debt. The company faced a downturn
marked by erratic decision-making challenges and
content, moderation and compromise.
Consequential 50% decline in advertising Revenue as revealed
by musk and March and attempt to supplement.
This loss with the sales from Twitter, blew subscriptions fell
flat as less than 1% of Twitter's, monthly users opted
for the service by the end of March.
And while Twitter remain silent failing to respond to requests
for comment, musk's investment in the platform has dwindled to
8.8 billion dollars. The financial downturn is not
going to noticed with the Bloomberg billionaires.
There's index using Fidelity is valuation indicating a dip in
musk's 187 billion dollar Fortune by about 850 million.
Now despite these Financial tribulations, musk's wealth has
grown by more than 48 billion dollars.
This year primarily attributed to a 63 percent surge in Tesla's
share price. Now, the initial optimism that
surrounded, musk's acquisition of Twitter in late October was
short-lived and the platform experience to see.
A surge in users with app, downloads growing by nearly 10%
in November now. However, daily active users.
Barely budged showing an increase of less than one
percent from the previous month. And despite this must proclaim,
the platform's usage to be at an all-time high with the actual
figure, only 0.8 percent higher than Twitter's previous daily,
user high in, June of twenty twenty-two musk is made, major
alterations to Twitter's operations and functionality,
while forecasting, the amp to reach one.
Billion monthly users by 2024. However, the Grandeur of his
prediction contrasts sharply with the reality, and it is per
data analysis, from autopia data API and sensor.
Tower user engagement on Twitter has shown signs of decline.
The once-promising, spikes and app, downloads are now.
Flattening and following musk's take over the average time,
spent on the app has remained stagnant at 19.1 minutes per
day. The same as in April, 20 22,
According to epitope Ian and they say there was a pretty nice
increase in usage right after he took over but now it's flat to
down observes. Tom Grant head of research for
apt opium and the platform saw brief periods of increased
engagement, particularly around the collapse of Silicon Valley
Bank an event that caused a surge among Twitter's power
users. However, these instances were
not sufficient to reverse the overall trend.
Now, comparatively other social media apps like Tick-Tock
Instagram and Facebook. Book record, significantly
higher daily, usage times users. Spend an average of eighty,
seven minutes per day on Tick-Tock 43 minutes on
Instagram and 39 minutes on Facebook.
Dwarfing Twitter's average of 26 minutes per day as found by
sensor tower. Now Twitter barely edged out
Snapchat which sees 25 minutes of daily usage in the US.
And this stark contrast outlines the gravity of Twitter's
challenges and maintaining user engagement notably Both younger
and older users divided between Millennials and Gen X and older
initially increase their time spent on Twitter according to
data around the time of musk's take over however this momentum.
Soon dissipated with both demographicsnow spending less
time on the platform. According to a copious analysis,
a more worrying, sign lies in the weaning engagement of
Twitter's power users in March events.
Such as the collapse of Silicon Valley Bank led to a peak in
platform engagement. Power users logging in for a one
hundred and thirty eight point seven minutes a day and by April
the figure fell to one hundred and thirty eight minutes,
slightly less than the same period a year ago.
Globally, Twitter is user rank among all apps has stagnated at
7th place since January of twenty twenty-two.
According to data, that Ai and app.
Downloads once a promising metric, also showed signs of
stagnation in April, downloads fell to sixteen point two
million down from 17. Point.
Five million. In April of 2022, slight
fluctuations have occurred for instance, in March, Twitter, dip
to the eighth place for Global. Download ranks only to recover
in April. And despite these statistics,
there is a glimmer of hope the introduction of in-app purchases
under musk stewardship, is shown promising growth in April, and
May of 2022 in F revenue for Twitter total just over 120,000
dollars, combined fast forward to the same period in 2023.
The Any surged to just over three million dollars.
And most of this revenue is driven by users purchasing
Twitter, blew subscriptions, which offers users verified
status for $11 per month for iOS and eight dollars per month for
everyone else. Even though this growth in a
revenue shows potential, the bigger picture remains unsettled
since musk's take over there, we've been 88.1 million
downloads of the app. Lee less than the same period a
year ago. When eighty eight point, six
million people, downloaded the app.
Now this data paints a challenging picture for Twitter
under musk's management from Once being a thriving, social
media platform, Twitter now, grapples with declining user
engagement flattened app downloads and revenue.
That despite some signs of life is far from robust in the
spotlights. Now, on Elon Musk and he has to
demonstrate his knack for Innovation and revitalization to
turn around the fortunes. Of this once-vibrant platform.
His task is huge and we'll see how this Saga unfolds in the
future. I want to say thank you for
listening to the Elon Musk podcast today.
I appreciate your time, I appreciate you spending it here
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you have a great day. Please take care of each other
and yourselves. And I'll see you next time.