The Chief Twit or new CEO of the social media platform Twitter, Elon Musk, made another controversial decision. Yesterday, the billionaire and entrepreneur fired the company’s board, appointing himself as the sole director and decision maker.
The Dogecoin supporter went against the ethos, and the values considered the foundation of the crypto movement, decentralization, and transparency: Elon Musk has become the sole decision-maker in the organization.
In previous days, Musk fired the former Twitter CEO Parag Agrawal, Chairman of the Board Bret Taylor, and other top executives with “cause.” This decision was controversial because it denied them the millions in severance package promised to Agrawal and others.
It has been less than a week since Musk completed his $40 billion deal to acquire Twitter, but he has wasted no time to “fixed” it or free it, depending on the point of view.
the bird is freed
— Elon Musk (@elonmusk) October 28, 2022
Elon Musk Is The New Sheriff In Town For Now
As usual, Elon Musk’s decisions are polarizing, with critics taking the opportunity to go against him and supporters praising him for his actions. The entrepreneur announced other controversial decisions already sparking a heated debate across social media platforms.
Musk claims that his position as the company’s sole director is temporary. The executive might seek to fill these roles in the coming weeks. The Chief Twit wants to implement a content moderation council with “diverse viewpoints.”
This entity will oversee reinstating and applying bans to users. In that way, these decisions won’t fall under a single individual, thus making Twitter a more decentralized platform.
In addition, Elon Musk hinted at introducing a Twitter membership for people to preserve their verification marks. This monthly plan might cost users $8, but the Chief Twit claims he is giving “power to the people” while boosting the company’s revenue. The subscription will provide users with access to other features.
Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bullshit.
Power to the people! Blue for $8/month.
— Elon Musk (@elonmusk) November 1, 2022
Recent events show Musk at a crossroads, the entrepreneur is at a point where he can take complete control of Twitter forever or delegate it to a team, making it more decentralized.
Suppose Musk fails to honor his word and remains the company’s sole director. In that case, he might fulfill those of Sir John Dalberg-Acton, the famous historian and politician: “Power tends to corrupt, and absolute power corrupts absolutely.”
Will Dogecoin Become Twitter’s New Currency
One thing is sure for Twitter and other social media platforms, things might never be the same. Upon his takeover, Elon Musk highlighted the importance of these platforms, calling them vital for “the future of civilization.”
People debate and make public conversations on social media with an impact on the real world. Twitter, Facebook, Reddit, and others are the “digital town square” of today, and their influence over public opinion is tangible.
This power makes them susceptible to other takeovers. What would happen if all social media fell under the influence of a single individual or entity? The consensus is clear that these platforms should operate as decentralized entities.
Twitter is a vivid example of what the future holds for these platforms. They will be shaped to the image of Musk and Dogecoin or completely transform into decentralized protocols with no single party in charge. The co-founder of Twitter, Jack Dorsey, represents the other side of this coin.
😉 pic.twitter.com/eaIYaDRBnu
— Elon Musk (@elonmusk) November 1, 2022
For the Chief Twit, the best way to measure his success or failure is to look at Twitter’s stock price. At the time of writing, Twitter (TWTR) follows a bullish trajectory, trading at around $54 per share.
