- Twitter lost nearly half of its advertising revenue after Elon Musk bought the company.
- Reportedly, advertising companies are against Musk’s content moderation approach.
- Binance CEO Changpeng Zhao shared his ideas to implement crypto into Twitter.
Twitter’s advertising revenue fell by almost half after tech billionaire Elon Musk acquired the company for $44 billion in October. Musk revealed in an interview that the company didn’t see the increase in sales that had been expected, the BBC reported.
Earlier last month, Musk limited the number of tweets users can see daily. He said he had “to address extreme levels of data scraping and system manipulation.” After the announcement, many advertising companies stopped running ads on Twitter. “When users go onto the platform, they’re served ads. The more time they spend on Twitter, the more ads they see. The equation is pretty simple. That’s the business,” the BBC wrote in their article.
Musk also announced that Twitter will take a “looser approach to content moderation,” Twitter, at least according to Musk, would be a place “where a wide range of beliefs can be debated in a healthy manner.” Binance CEO, Changpeng Zhao (CZ) supported Musk and said, “[Twitter] is a good place to support free speech.”
However, according to the BBC, advertisers don’t want their ads placed next to racist or extremist content. And so Twitter’s main revenue stream also influences how much “free speech” is allowed on the platform.
The Binance CEO has spoken about his support for Musk and Twitter, and how he wants to help Twitter by “better incorporating crypto into the platform.” According to Zhao, there are many ways to implement crypto on Twitter, like, “charging for blue ticks, even charging for a comment, issuing NFTs for each tweet, issuing a token in the future.”
Back in May, Musk talked about implementing cryptocurrencies on Twitter. After announcing Twitter Blue, which is a monthly paid subscription plan for Twitter with more features, he replied to people’s inquiries and suggested Dogecoin, “Maybe even an option to pay in Doge?”
Being a DOGE fan, the tech mogul has supported Dogecoin on his Twitter account and in interviews. Back in April 2019, he wrote in a tweet, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” And after he replaced Twitter’s blue bird logo with Dogecoin’s Shiba Inu dog logo in April 2023, Dogecoin’s price went up 30%.
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