Elon Musk and His Impact on the Future of Digital Marketing
Elon Musk has been making waves in the digital world recently. From tweeting about a breakup meme on crypto causing Bitcoin price to fall to reinstating former United States President Donal Trump on Twitter. Elon Musk is no stranger to the phrase – there’s no such thing as bad publicity. Despite the wavering effect he seems to have on the masses, one thing is certain, the man’s every move is watched and seems to have a ripple effect in every industry, from tech to marketing.
This tech entrepreneur is likened to Marvel’s Iron Man Tony Stark. However, is he really? Well, that’s up for interpretation. But if you’re someone who works in digital marketing or at a digital agency, you could be wondering how Elon Musk’s recent purchase of Twitter will change the landscape of the marketing world. Believe it or not, Musk has been sowing seeds to create waves in how advertisers work since the conception of PayPal all the way back in 2002. For context, in 1999, Musk invested his profits from Zip2 into X.com, an online bank venture. A year later, X.com would go on to merge with PayPal, following Musk’s fear of competition. PayPal would go on to become one of Musk’s most successful ventures.
So, fast forward 2022. What about Twitter?
On 27 October 2022, much to the dismay of most Internet users, Elon Musk closed a $44 Billion deal to buy Twitter. After months of teasing the deal, The Boring Company owner decided to buy the social media platform on an eventful Thursday. Despite the legal drama, Musk claimed his stake at the Twitter office and fired at least four company executives, including its Chief Executive Officer, Jack Dorsey, from Twitter’s board.
Was firing key personnel from Twitter a wise move? Well, it certainly did garner a lot of media attention and criticism. But as one analyst noted, “Elon Musk is known for taking risks – and in business, that’s often what it takes to get ahead.”
Prior to the actual acquisition, back in July 2022, Twitter sued Musk to persuade him to buy the company, as at that point in time, he was backing out of the deal. The lawsuit accused Musk of bad faith and hypocrisy following his contract breach.
This takeover, while not welcomed by one side of Twitter, found joy with his over 100 million followers. The reason? Elon Musk decided he would promote a certain free speech (and a generous sprinkle of hate speech) that allegedly lacked in the platform under Jack Dorsey’s leadership. Musk has even tweeted a poll to his followers, asking the age-old question: “Should Twitter Be Free Speech?”
The genius behind the electric sports car, Tesla Roadster, definitely generates polarising views.
Everyone seems to have a burning question: Why did the world’s richest person buy the platform? Previously, the man behind the electric car company Tesla, seemed content with posting memes and hyping cryptocurrency. Well, it appears that Elon Musk is intent on creating a payment plan similar to what he achieved with PayPal that will start via Twitter. In fact, he has projected Twitter will bring in $1.2 billion in payment revenue by 2028
Some are even speculating that the Tesla co-founder intends to use his large following to pump up Tesla sales and promote his new line of solar power systems. He has also hinted that Twitter will be the first platform he uses to test out his new artificial intelligence software, a decision welcomed with open arms from those over at Silicon Valley.
Since his takeover, certain news portals have reported Twitter saw a massive drop in revenue post Elon Gate. Elon himself attributed the drop in revenue to activists and advertisers pulling out since they no longer wanted to be associated with the platform. At the same time, however, NBC reported that Twitter has been growing steadily, with Twitter downloads averaging about 125,000/day, a 23% increase from the previous months.
Despite their feud, Elon Musk is reportedly ready to welcome former president Donald Trump back to Twitter.
Overall, it seems that Elon Musk’s Twitter takeover is just the beginning of what looks like an exciting new chapter for digital marketing. Whether or not he will succeed remains to be seen. As a leading tech entrepreneur, how will Musk’s Twitter takeover impact digital marketing going forward?
Are Marketers Afraid?
While many marketers are celebrating Elon Musk’s Twitter takeover as a new chapter in digital marketing, others are wary of this bold move. Some believe Musk’s aggressive tactics may be intimidating for smaller startups and entrepreneurs who can’t compete with the tech mogul’s massive following and resources.
Musk left such a lasting impact on the Internet that marketers are now reconsidering their every move!
So, coming back to the question, are marketers afraid? That’s interesting if you consider what business you run. Are you a small startup that can’t handle the competition of a “big player”, or are you one of the top corporations in your field? Secondly, what type of business do you run? If your business is cryptocurrency based, it’s your time to shine as Elon Musk is a proud endorser of crypto, and Tesla even held nearly $ 2 billion in bitcoin.
For smaller startups, it may be wise to tread carefully and watch how Musk’s Twitter takeover unfolds. For established brands on the other hand, this could be an opportunity to leap ahead of their competitors by embracing social media trends and harnessing the power of online influencers.
Twitter’s new features seem to be launched with pomp and grand but are then left on a lurch.
However, it is important to remember that social media is constantly evolving, and those who are able to quickly adapt their marketing strategies will be most successful. No matter if you’re a small startup or a large corporation, it is crucial to stay in the loop with the latest trends in social media marketing. Ultimately, marketers should not be afraid of Elon Musk’s Twitter takeover – but instead, embrace it as an opportunity to learn and grow in this rapidly changing landscape. With the right strategy and the right agency by your side, you, too, can thrive in this new era of digital marketing.
Embracing The Second Coming of Digital Marketing
We mentioned earlier about the ever need to adapt to social media but as a business owner, scrolling social media all day can be a hassle since you need to focus on actual sales. Thus, this is where a full-service digital marketing like Primal Digital Agency comes into play. Besides being an SEM agency, we also provide top-notch SEO services designed to make your business discoverable on every search.
Contact us, and let’s give Elon Musk himself a run for his money!