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In a recent live interview with CNBC’s David Faber, Elon Musk, the owner of Twitter since late 2022, expressed his commitment to upholding community notes on the platform, even if it results in the loss of advertising revenue. Musk’s stance comes in the wake of Twitter experiencing a $40 million loss due to the dissatisfaction of major advertisers.

The Impact of Twitter Blue and Impersonation Concerns: Following Musk’s acquisition of Twitter, he introduced the Twitter Blue subscription program, which offers users access to exclusive features for a monthly fee of $8. This move led to some users impersonating brands and creating fake tweets resembling official brand communications. Consequently, many prominent advertisers withdrew their support, prompting Twitter to halt the feature rollout temporarily. After a month of reevaluation, Twitter reintroduced the program, this time with a gold checkmark to distinguish business accounts from regular verified users. Business accounts are granted the gold checkmark free of charge if they spend over $1000 on ads on Twitter per month, otherwise costing $1000 per month.

The Return of Advertisers and Community Notes: The adjustments made by Twitter attracted some advertisers back to the platform, including industry giants like Apple and Disney. Notably, #community notes are now attached to the accounts of well-known brands such as Samsung and Uber. This development has piqued curiosity regarding the future implications of community notes in advertising, as some users appreciate the added context and improved transparency they offer.

Elon Musk’s Strategic Move: Elon Musk has recently appointed Linda Yaccarino, former Chairman of Global Advertising and Partnerships at NBCUniversal, as Twitter’s new CEO. Yaccarino boasts a commendable track record of overseeing $13 billion worth of ad revenue for her previous company. Her role within Twitter will be crucial in strengthening the platform’s ad relations in the coming months, as Musk shifts his focus more towards product development in his role as CTO.

Conclusion: Elon Musk’s unwavering support for community notes, despite potential revenue loss, demonstrates his commitment to fostering a transparent and engaging environment on Twitter. The integration of community notes with advertising has faced challenges, but recent adjustments and the return of prominent advertisers indicate positive signs for the platform’s future. With Linda Yaccarino at the helm, Twitter aims to strengthen its ad relationships and continue innovating to meet the evolving needs of its users and advertisers alike.

Source: Elon Musk interview with David Faber of CNBC

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As of: 2024-05-04 08:12

Recently Updated