A quick mechanical rundown of Twitter’s implosion: When Maye Musk’s son took over the world’s least successful mass social platform, he 1. fired everyone including the moderation team and 2. undid the authority of the blue checkmark via Twitter Blue, the new revenue program that lets anyone buy “verification” for $8 a month. So now there are a million spoof accounts making patently false claims under seemingly authoritative names (see THE BIG ONE that evidently tanked the stock of pharma giant Eli Lily).
Accordingly, flustered institutional handles have started getting out (farewell, Playbill) and the agencies are pulling their ad spend, which means the value of Twitter itself has also dropped big time.
There was a funny moment of earnest white men tweeting their righteousness about the takeover (notably still on Twitter — troops, stand your ground):
“He paid $44 billion for twitter a week ago. It’s currently worth $8 billion. Damn, what a savvy businessman.”
“Musk is doing us an incredible favor by demonstrating beyond a shadow of a doubt that there is no meritocracy and that wealth and power do not, in any way, denote talent or competence.”
“Maybe his plan is to dumpster fire this thing, crash the bids to <10¢ and then buy it all back to own the site free and clear. Or maybe there’s no plan at all.”
Who knows what will happen, Chris Sacca, but the vibe is that the plane is going down, and there isn’t a readily accessible rescue vehicle (Mastodon: complicated!). So, now what?