Social media platforms have become an integral part of our lives in today’s digitally connected world. Among these platforms, Twitter has revolutionized the way we communicate and has undoubtedly stood the test of time. Over the years, the platform has continuously evolved and adapted to the changing needs of its users, from its origin story to its recent rebranding to ‘X’, Twitter has changed drastically in the last year since Elon Musk’s acquisition of the platform.
Founded in March 2006 by Jack Dorsey, Biz Stone, and Evan Williams. It all began as an experimental project within the podcasting company Odeo. Dorsey, an engineer, conceptualized the idea of an SMS-based platform where short status updates could be shared with a group of followers. The initial name for the platform was “twttr,” inspired by the short burst of sound made by birds. Eventually, the name was changed to “Twitter,” and the team launched the service to the public in July 2006.
Elon Musk’s Twitter Acquisition
In April 2022, Elon Musk began his bid to acquire Twitter, purchasing shares and becoming the largest shareholder with a 9.1 percent ownership stake. First invited to join the board of directors, Musk declined the offer but made an unsolicited purchase offer on April 14 of that year. Twitter’s board initially resisted the takeover with a “poison pill” strategy but eventually accepted Musk’s $44 billion buyout offer on April 25. As the new owner, Musk revealed plans to implement new features, open-source algorithms, combat spambots, and support free speech.
While some praised his vision and reforms, others expressed concerns over potential rises in misinformation, disinformation, harassment, and hate speech on the platform. The acquisition received mixed reactions, with former Twitter employees voicing apprehensions about Musk’s intentions. Following the acquisition, Musk faced criticism for his handling of the company and account suspensions and most recently limiting the number of direct messages a non-verified user can send in a 24-hour period.
This week, Twitter took a bold step by rebranding itself as ‘X’. The decision to change the branding was driven by the company’s desire to embrace a new identity and reflect its evolving vision. The introduction of the ‘X’ logo and new domain, aimed to create branding cohesive Musk’s business ventures under similar branding, joining the ranks of Space ‘X’, the Tesla Model ‘X’, and ‘X’ Corp. This change sparked conversations among users and sparked curiosity about the future direction of ‘X’. In a series of posts, Twitter CEO Linda Yaccarino expressed that the recent rebrand marks the beginning of an ambitious effort to propel the app towards new horizons.
“‘X’ is the future state of unlimited interactivity — centered in audio, video, messaging, payments/banking — creating a global marketplace for ideas, goods, services, and opportunities,” she wrote. “Powered by AI, ‘X’ will connect us all in ways we’re just beginning to imagine.”
Amongst the current discussion around ‘X’, two new competitors have entered the discourse around the platform and the future of its users – Bluesky Social and Meta’s newly launched ‘Threads.’
Competition Enters the Market
In 2021, Bluesky was created to develop a decentralized social network protocol that could enable different social networks to interact via an open standard. The social network has a user interface like Twitter, with algorithmic choice, federated design, and community-specific moderation. Bluesky uses the AT Protocol, an open-source framework developed in-house, which enables people outside of the company to have transparency around its development.
The Bluesky app was introduced in February 2023 as an invite-only beta version, offering a Twitter-like experience that emphasizes interoperability. However, concerns have been raised about platform moderation and monetization. Although no official launch date has been announced, the platform currently has over 310,000 beta users and a waitlist of more than 1.9 million people. This suggests that it could potentially rival the existing ‘X’ platform’s alleged shortcomings.
Meta’s Threads app emerged in July 2023 as a new alternative to Twitter. It quickly gained 100 million users in one week, setting a record as the fastest-growing app in history. Threads was designed to compete with ‘X’ and BlueSky by leveraging Meta’s existing user base. One of the most notable features of the app is its use of open software protocols, allowing for easy transfer of user profiles, content, followers, and reputation across different platforms. With seamless integration into the already popular Instagram, which boasts 2 billion users, Threads became the first application that allowed users to seamlessly transfer their profiles and followings, garnering quick followings and engagement on posts.
Despite its straightforward design, Threads continues to gain new users every day even though its engagement rate has declined since its initial release. The app is continuously improving by adding new features such as hashtags, direct messaging, and analytics for advertising purposes. These updates ensure that Threads stays relevant and remains a popular choice for users seeking an alternative to traditional social media platforms. With ongoing development and integration into larger platforms, Threads is well on its way to becoming a significant player in the social media landscape.
The rebranding of Twitter as ‘X’ signifies a pivotal moment in the evolution of social media giants. Under the ownership of Elon Musk, Musk, ‘X’ aims to become a hub of unlimited interactivity powered by AI, propelling the platform towards new horizons. However, the acquisition and subsequent decisions have sparked both praise for visionary reforms and concerns over issues like misinformation and hate speech. Amidst this transformation, ‘X’ faces competition from Bluesky Social and Meta’s Threads, each offering unique features and experiences. The future of these platforms remains uncertain, but their role in shaping communication and connectivity in the digital age is undeniable. As users, we can only await with anticipation to see how these platforms continue to evolve and influence our lives.
