Okay. There’s, like, quite a bit.

Verification Chaos

As anticipated, Elon’s plan to promote blue checkmarks, which not signify verification (as there is no such thing as a type of ID checking within the up to date course of), has led to a raft of individuals impersonating distinguished identities and types within the app.

Which is what everybody mentioned would occur, but Elon pushed forward with it anyway, explaining that it will be ‘the nice leveler’, in that it will allow everybody to get a blue checkmark, not simply celebrities – although promoting the tiny profile graphic negates the entire function of Twitter’s verification system.

The impersonation difficulty has gotten so dangerous, so quick, that Twitter has now paused the brand new $8 Twitter Blue providing, with a view to re-assess the method.

Twitter’s additionally now lastly determined to go forward with its new, additional grey tick for ‘official’ profiles that Twitter thinks want some form of indicator that they’re the precise, legit profile of this particular entity.

Twitter introduced this on Tuesday, then Elon ‘killed it’ simply hours after launch, then the grey markers began showing once more, then Twitter introduced that they weren’t rolling them out, then, a day later, Twitter mentioned that they really could be rolling them out once more.

And now, they’re apparently in manufacturing, and as you possibly can see above, the grey tick not solely seems on person profiles, but additionally on their tweets in-stream, providing you with that cool, double tick credibility.   

Along with this, Musk has additionally laid out new guidelines for parody accounts:

But, on the similar time, Twitter has additionally stopped at the moment verified customers from altering their username, which was applied to cease individuals from making enjoyable of Elon particularly earlier within the week – so some people who find themselves operating parody accounts now can’t record such as per Elon’s directions, placing their profiles in danger.

Actually, the vectors for deception and scams have elevated drastically with this new ‘checkmark-for-sale’ course of, and it’s evident from simply the primary few days that that is going to be an issue, which goes to result in many individuals falling for scams.

However as we’ve beforehand famous, Musk is barely nervous about how a lot cash Twitter will get, and with every account paying $8 to run every rip-off, he appears comparatively proud of the method to this point.

To reiterate, the median price of reported social media scams within the US final 12 months was $468, so scammers are basically risking an $8 fantastic for a chance to make 58x that, on common.

In the event you wanted proof that this can be a money seize for Elon, who’s desperately making an attempt to claw again cash, then that is it.

However, after all, Elon’s blaming points with the method on the media – which he’ll preserve doing when the variety of paying subscribers fails to hit his objectives.

Which goes to occur.

If Elon finally will get one million individuals signed up for his $8 blue checkmark providing, that may be enormous, and if he acquired two million, that may be superb. But, that may nonetheless solely equate to lower than 1% of Twitter’s general person base, and Musk must get all the true people paying to ensure that his broader bot-battling, revenue-raising plan to work.

It received’t, however once more, it actually received’t be Elon’s fault.

Additionally price noting right here – Twitter initially added the blue checkmarks after being sued by a former MLB participant over impersonation, with a scammer utilizing his likeness to dupe individuals within the app. You’d need to think about that related lawsuits will certainly be on the playing cards after this newest chaos.

Money Move Challenges

So why is Elon so determined to push forward with half-baked plans so shortly?

As a result of he wants the cash.

At an all-staff assembly this week, Musk instructed Twitter’s remaining staff that they’ll not earn a living from home, which had been a long-standing coverage on the firm, whereas he additionally knowledgeable them that the enterprise might effectively go bankrupt quickly.

As per Musk:

“We simply positively want to usher in additional cash than we spend. If we don’t do this and there’s an enormous destructive money circulation then chapter shouldn’t be out of the query.”

Twitter was reportedly shedding $4 million per day when Musk took over, which is why he’s moved so shortly on workers cuts, and on pushing out one thing – something – to earn more money. However the suggestion that Twitter might really collapse has spooked many banks and funding funds which have backed the Musk takeover deal, with some now trying to distance themselves from the enterprise as quick as they’ll.

Some have additionally questioned whether or not Musk has an ulterior motive in tanking the enterprise. Which appears unlikely, however that’s how dangerous the scenario has change into, and with all of Twitter’s former senior management group now exiting the corporate (Musk misplaced 4 extra execs this week, although he did persuade one to remain), there’s little religion that Musk will be capable of get the platform again on observe, and making actual cash any time quickly.

However then once more, lots of people appear to be signing up for the brand new $8 checkmark possibility. Or they have been, until Twitter lower it off.

There’s additionally a query on that entrance as to how sustainable any revenue will probably be from that course of, as Musk wants individuals to maintain paying, each month, to maintain bringing in money.

That appears unlikely – however then once more, if scammers can preserve creating wealth…

The New YouTube?

Within the aforementioned all-staff assembly this week, Musk additionally famous his plans to introduce a brand new income share program for video creators within the app, very like YouTube, however with a greater income share share, with a view to lure creators in.

The one hitch is that Musk additionally confirmed that he has no concept concerning the aggressive panorama on this respect, nor how such a system would possibly work.

As Musk instructed Twitter staff:

“Let’s simply get a bunch of content material creators that we predict are cool on YouTube and say, “Hey, would you think about placing your content material on Twitter, and we’ll pay you 10 p.c greater than YouTube and see the way it goes?” Let’s do this. Okay, nice. So you’ll do this? […] I’m a giant believer in having only a maniacal sense of urgency. So if you are able to do it after this assembly, I might do it after this assembly. Only a maniacal sense of urgency. Like, if you wish to get stuff carried out, maniacal sense of urgency. Simply go “aah!” Hardcore!”

The issue is, internet hosting long-form video at scale is dear, and Musk has additionally tasked Twitter workers with lowering infrastructure prices by $1 billion.

As a reminder, Twitter lower its separate Periscope app final 12 months, as a result of it was too expensive to run, and once you issue all of those components collectively, it’s clearly not so simple as simply going ‘hardcore’ and flipping a change on a brand new video creator monetization program, particularly one which, in the event that they do provide a greater income cut up, would possible change into money destructive for the app.

Alongside an analogous line:

Unsure how completely satisfied I’d really feel, as an funding accomplice, to seek out out that my new CEO doesn’t know that a lot concerning the trade, and even the corporate itself.

For reference, Twitter acquired messaging app Quill final December.

Look, all of this appears chaotic and messy, and ridiculous for essentially the most half. However then once more, in line with Elon:

Is there a way that he can deliver all the things again collectively?

I can’t see it, however I additionally settle for that possibly Elon, who’s pushed success at his different firms, has a wholly totally different perspective and imaginative and prescient right here.

And as numerous Musk supporters have pointedly knowledgeable me of their feedback on my posts, I’m not a billionaire.

Undoubtedly looks as if it’ll want some next-level, Mars colonization pondering to proper the ship.