{"id":609343,"date":"2023-11-02T00:00:00","date_gmt":"2023-11-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/02\/what-has-musk-done-to-x\/"},"modified":"2023-11-02T00:00:00","modified_gmt":"2023-11-02T00:00:00","slug":"what-has-musk-done-to-x","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/02\/what-has-musk-done-to-x\/","title":{"rendered":"What has Musk done to X?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>THE LATEST ON X: <\/strong>X\u2019s value has plummeted 55% from USD 44 bn - when Elon Musk bought it a year ago, to USD 19 bn now, based on the stock plan issued to employees, according to <a target=\"_blank\" href=\"https:\/\/fortune.com\/2023\/10\/30\/x-formerly-twitter-valued-19-billion-employee-stock-plan\/\" style=\"\" rel=\"noopener\">Fortune<\/a>. Was it Musk\u2019s changes to policies and <a target=\"_blank\" href=\"https:\/\/www.newsguardtech.com\/misinformation-monitor\/september-2023\/\" style=\"\" rel=\"noopener\">lack of moderation<\/a> that put X in hot water with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2af28ee-44dd-4bbd-8b9d-2068e7b1a4a3\" style=\"\" rel=\"noopener\">fine<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2af28ee-44dd-4bbd-8b9d-2068e7b1a4a3\" style=\"\" rel=\"noopener\">s<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eeffcd86-5f52-4f00-8f1e-25c7a557eb0b\" style=\"\" rel=\"noopener\">ultimatums<\/a> from several watchdogs. Or is it that X is not even on the CEO\u2019s priority list? Given the several projects that he has started that have nothing to do with the formerly beloved platform.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BY THE NUMBERS\u2013<\/strong> Compared to last year\u2019s numbers, there have been 13% less users, and employee numbers dropped from 7.5k people to 1.5k people (which can be argued is a cost-saving measure by Musk). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But Musk awarded employees equity, anyway\u2026at USD 45 per share of the USD 19 bn<\/strong><strong> valuation. <\/strong>This comes as part of the company\u2019s equity compensation plan based on the fair market value per share determined by the Board of Directors, aka Mr. Musk himself, Fortune adds. Aiming to model X's compensation plan after SpaceX, Musk is allowing employees to cash out a portion of their shares, the <a target=\"_blank\" href=\"https:\/\/www.theverge.com\/2023\/10\/30\/23938969\/x-twitter-valuation-19-billion-employee-shares\" style=\"\" rel=\"noopener\">Verge<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This payout does not dissuade from the fact that he is in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1680082007873953794\" style=\"\" rel=\"noopener\">USD 13<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1680082007873953794\" style=\"\" rel=\"noopener\">bn in debt,<\/a><\/strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1680082007873953794\" style=\"\" rel=\"noopener\">he also lost advertiser revenue<\/a> and is racking up interest of around USD 1.2 bn per year from the said debt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The unbridled content is undermining the platform.<\/strong> Unlike Twitter, which was heralded as the go-to platform for news and free-expression,studies have shown an increase in harmful posts on X. <a target=\"_blank\" href=\"https:\/\/digitalplanet.tufts.edu\/musk-monitor-under-musk-hate-speech-is-rising\/\" style=\"\" rel=\"noopener\">Researchers<\/a> even <a target=\"_blank\" href=\"https:\/\/digitalcommons.montclair.edu\/scom-facpubs\/33\/\" style=\"\" rel=\"noopener\">found<\/a> a rise in \u201cracist and ethnic slurs\u201d and an increase in engagements with troll users. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To add fuel to the fire\u2026 <\/strong>incidents like the Israeli war on Gaza and the Russian war in Ukraine highlighted the platform\u2019s descent deeper into misinformation with its <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-10\/israel-hamas-conflict-was-a-test-for-musk-s-x-and-it-failed\" style=\"\" rel=\"noopener\">changes to its policies<\/a>, explains Tim Chambers of Dewey Square Group, a public affairs company that tracks social media quoted in the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/interactive\/2023\/10\/27\/technology\/twitter-x-elon-musk-anniversary.html\" style=\"\" rel=\"noopener\">New York Times<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One of the unhappy watchdogs is the EU\u2019s Digital Services Act, <\/strong>this body has <a target=\"_blank\" href=\"https:\/\/op.europa.eu\/en\/publication-detail\/-\/publication\/c1d645d0-42f5-11ee-a8b8-01aa75ed71a1\/language-de\" style=\"\" rel=\"noopener\">criticized<\/a> Musk for his platform\u2019s engagement with <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/technology\/2023\/02\/22\/russian-propagandists-said-buy-twitter-blue-check-verifications\/\" style=\"\" rel=\"noopener\">Kremlin-linked<\/a> (Russian propagandists) accounts, which <a target=\"_blank\" href=\"https:\/\/op.europa.eu\/mt\/publication-detail\/-\/publication\/c1d645d0-42f5-11ee-a8b8-01aa75ed71a1\/language-de\" style=\"\" rel=\"noopener\">increased by 36%<\/a> on X after Musk removed mitigation, and warned about the circulation of violent or extremist content.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But Musk is unruffled.<\/strong> He <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/07\/31\/technology\/twitter-x-center-for-countering-digital-hate.html\" style=\"\" rel=\"noopener\">continues to defend<\/a> his platform stating that these activities are exaggerated and that he aspires to share the real-time truth, <a target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1711056201474003308\" style=\"\" rel=\"noopener\">even if it isn\u2019t too pleasant<\/a>, the New York Times added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oh, remember that Premium subscription?<\/strong> It didn\u2019t curb unwanted users. In fact it allowed, and still allows, anyone with USD 8 to spare to get the blue checkmark, <a target=\"_blank\" href=\"https:\/\/me.mashable.com\/tech\/34114\/x-twitter-launches-video-and-audio-calls-heres-how-to-use-em\" style=\"\" rel=\"noopener\">video and audio call feature<\/a> and the X feed advantage to share misinformation, explains <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-25\/elon-musk-s-x-looks-little-like-the-twitter-he-bought-a-year-ago?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. It only managed to persuade between 950 k to 1.2 mn users, anyway, \u2014 1% of X\u2019s user base \u2014 resulting in less than USD 120 mn in annual revenues from the subscription services. Even <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2023\/10\/29\/fidelity-twitter-x-value-elon-musk\" style=\"\" rel=\"noopener\">Fidelity<\/a>, who invested USD 300 mn in the acquisition of X, has lowered its value by 65%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>With the above track record, it makes sense that 67% of advertisers are spending less<\/strong> on their content on X, according to Sensor Tower, cited in Bloomberg. Even <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/quote\/MRK:US\" style=\"\" rel=\"noopener\">Merck & Co<\/a>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/quote\/HLT:US\" style=\"\" rel=\"noopener\">Hilton Worldwide<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/quote\/T:US\" style=\"\" rel=\"noopener\">AT&T<\/a> left months after Musk took the helm.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Will turning X into a market place be its saving grace?<\/strong> In an attempt to restore the social media platform to its former glory, Musk is proposing to make money by changing the platform to an \u2018everything app\u2019, through a \u201cshopping and payments\u201d feature, but it is yet to be seen. He even voiced his intention to take X public, but he claims that he needs to bring the company back to USD 44 bn, the value at which he bought it earlier this year, reports Bloomberg.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Or does X really not matter to Mr Musk? <\/strong>Despite his <a target=\"_blank\" href=\"https:\/\/time.com\/6266679\/musk-ai-open-letter\/\" style=\"\" rel=\"noopener\">open displeasure with AI<\/a> the b\u2019naire did not stop him from setting up <a target=\"_blank\" href=\"https:\/\/x.ai\/\" style=\"\" rel=\"noopener\">xAI<\/a>, which aims to \u201cunderstand the true nature of the universe.\u201d He also set up <a target=\"_blank\" href=\"https:\/\/neuralink.com\/#mission\" style=\"\" rel=\"noopener\">Neuralink<\/a> to plant microchips into quadriplegic patients' brains to communicate through computers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And then there is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a84792f-32bd-4316-8813-df61dd8f6cdc\" style=\"\" rel=\"noopener\">Optimus<\/a><\/strong><strong>,<\/strong> a \u201crobot humanoid\u201d designed to do \u201canything that humans don\u2019t want to do\u201d and let\u2019s not forget that he\u2019s also planning to go to <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/10\/05\/science\/elon-musk-spacex-starship-mars.html\" style=\"\" rel=\"noopener\">Mars<\/a>, or what he calls the red planet, by 2026. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is X even a priority for Elon Musk?<\/p>\n","protected":false},"author":1,"featured_media":609344,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8314],"tags":[637,633,894,639,7236],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-social-media","tag-elon-musk","tag-enterprisepm","tag-social-media","tag-technology","tag-x","wpautop","entry"],"acf":{"mongo_id":"c8e2c2fe-93f5-4740-93a7-20d759d00018","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/115.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[609327],"teaser":"Is X even a priority for Elon Musk?","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.fcf17f9b-6ddd-4f59-95a2-49ede62187e3.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What has Musk done to X? 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