Elon Musk has a long history of making headlines with his companies, inventions, antics, and tweets—making it no surprise that many are asking if he’ll take on Twitter. After all, Musk’s electric-car company, Tesla, and brain-to-computer firm, Neuralink, have been regarded as silver bullets for building a sustainable world. Entering the world of social media, then, could help Musk further his mission to “accelerate the world’s transition to sustainable energy”.
Musk has been climbing the ranks of Twitter. It started with his infamous “Funding secured” tweet in 2018 before his electric-car company went public. That tweet—which, in the eyes of some, committed a violation of securities laws—was the start of Musk’s relationship with Twitter. Today, the tech mogul has more than 42 million followers and is one of the most-followed users on the platform.
Many experts have weighed in on the odds of Musk destroying Twitter with a rival platform. Leading this discourse is Garrett Gafke, a journalist with Wired magazine. Gafke explains that “Musk has made it clear that he’s not a fan of Twitter. During a recent interview, he criticized the platform for not doing enough to stop online abuse and misinformation”—an issue Twitter has continually failed to address.
Many have also scanned Musk’s past investments and deeds to speculate on if he might launch a competing platform. It’s here that the idea of Musk destroying Twitter gains traction. After all, Musk does have a tendency to occupy and dominate markets he enters—and for good reason. His projects have accumulated billions in revenue, plenty of investors, and billions in market capitalization.
But, what would a competing platform from Musk look like? According to Gafke, it would “likely be built on the blockchain, much like the messaging platform Telegram. This would give users the ability to store their data and transactions securely, as well as receive rewards for positive contributions to the platform.” A blockchain-based platform from Musk could allow users to take an active role in censoring online abuse and misinformation—a major issue plaguing Twitter.
Despite the speculation, some have fallen on the side of Twitter. Murray Newlands, an in-house contributor at Entrepreneur magazine, argues that Musk is “so invested in the platform that [he has] no intention of destroying it.” Newlands adds that Musk is actually a driving force behind many of Twitter’s most innovative changes—Tesla, SpaceX, and Musk’s other ventures furthering the platform’s user base.
Ultimately, whether Musk will look to destroy Twitter remains up in the air—and it seems unlikely. As from this analysis, it appears, Musk won’t let his distaste for Twitter cloud his better judgement as an investor, magnate and philanthropist.
Potential Impact on Social Media
If Musk were to challenge Twitter, what would be the implications for the larger social media sector? According to the research of Divya Jain, a social media specialist in the U.K., the disruption would be immense—not only from a market-ending perspective, but also technology-wise. Jain states that “Musk’s entry into the space would likely mean major advancements in blockchain technologies. This could enable users to have increased control over their data, security, and privacy, including the ability to ‘mine’ data and trade it for rewards.”
What’s more, significant investments and venture capital have been pouring into the social media sector. This provides Musk with ample monetary resources and experience to further develop the platform industry—though, again, whether he’ll choose the path of Twitter-destruction remains to be seen.
Musk’s Dominance Over the Industry
What cannot be denied is Musk’s current dominance over the industry. Privately owned companies such as Tesla and SpaceX are now industry leaders in renewable energy and aerospace engineering, respectively. Neither of these companies came to fruition quickly. Over the course of 20 years, Musk poured a total of $24 billion of his own money into these endeavors, and the investments appear to be paying off.
The success of his companies has not gone unnoticed, and Musk is now viewed as a beacon of innovation and progress in the tech sector. He’s been described as a visionary, risk-taker and engineer, and his insights into the technology world attract large audiences. This image paints a clear picture of the likely possibilities that Musk could conjure with a social media platform.
The Unknown Future
Though many have debated the possible outcomes should Musk enter the social media market, there are no hard and fast answers to the question of what he’ll do. The future of Twitter remains uncertain and the potential ripple effects that Musk’s entrance could create remain a mystery. However, what cannot be denied is Musk’s potential impact on the sector, and the possibility that he may well be the social media industry game-changer many have been waiting for.
Ethical Issues
If Musk were to enter the sector there are likely to be ethical issues to consider regarding the data of users and its usage. In 2017, Cambridge Analytica’s breach of data regulations resulted in severe controversy surrounding the misuse of personal data. With Musk having access to billions of dollars of resources, the risk of similar mismanagement of user data would be much higher if he were to enter the market.
It is also important to consider the limited resources already in existence for regulating technology. Many countries do not possess the requirements necessary to adjudicate sophisticated technology, and as such unethical practices are often not prosecuted in a meaningful way. This could lead to poor working conditions and unethical management of data, unless good governance procedures were instituted prior to any platform development.
The Potential for Social Good
Though there are many potential issues to consider, it is also worth pointing out that a new platform from Musk could be a significant force for good. With his experience in the energy sector, Musk could help to driving the conversation towards sustainability, and his legal budget could help to ensure that users’ rights are preserved and protected.
Musk’s platform could also work to provide affordable access to education and connectivity by bringing the internet to even the most rural regions. This opportunity could transform lives, create business and employment opportunities, and help lift millions of people out of poverty.
This could be a major positive contribution to the world, particularly in the developing world. And yet, such an endeavour would entail immense financial and technological resources. With Musk’s wealth and high-level connections, however, such a project remains an achievable goal in the near future.
