Elon Musk said his $44 billion deal to buy Twitter and then change its name to X could fail as many predicted.
"The sad truth is that there are no great 'social networks' right now. We may fail as many have predicted. But I will do my best so that we have a good social network.", Musk wrote on X on August 19.
The message was given by the South African-born billionaire as rival Meta launched its Threads app to compete with X last month. Just 5 days later, Mark Zuckerberg's new platform has reached 100 million users. However, 6 weeks later, regular users on the new platform have plummeted. From a peak of around 44 million, Threads now has about 10 million daily users, according to data from Similarweb.
In an effort to turn X into a "super app", Musk has pushed to purge chatbots, but this has not yet worked. Last week, Mashable tech expert Matt Binder discovered 42 percent of his account followers were bogus, not ruling out the possibility that they were accounts operated by bots.
Binance CEO Changpeng Zhao, one of Musk's early investors in the Twitter deal, said his company may look to other platforms to reach users. "X really needs to focus on solving problems related to bots and spam before mentioning other problems," Zhao commented.
Since acquiring Twitter for $44 billion last year, Musk has been overhauling the social network. He fired most of the employees, reinstated many previous bans, and changed the platform's name to X. Recently, he continued to announce the removal of the feature of blocking others on the platform but did not give a reason for this action.
Blocking unwanted accounts is one of the features to help users protect themselves from hostile and harassing behavior.
Louis Jones, a communications and advertising specialist at the Institute for Brand Safety, said Musk's plans to unblock the X are worrisome. Users can be inundated with spam, threats, and other harmful content. "Musk's lax approach to 'free speech' could have a dual effect, making bullying more prevalent on the platform and stifling the community's right to free speech," CNBC quoted him as saying. Jones. He thinks this could be a wrong spiral and negatively affect X's long-term success.