Jack Dorsey does not think Elon Musk is erratic as he stopped this 'critical sin' at Twitter - Hindustan Times
close_game
close_game

Jack Dorsey does not think Elon Musk is erratic as he stopped this 'critical sin' at Twitter

May 10, 2024 01:27 PM IST

Jack Dorsey- former Twitter CEO- said that Elon Musk's decision to lay off employees at the company and dump advertisers made sense to him.

You think Elon Musk is unpredictable? Twitter cofounder Jack Dorsey vehemently disagrees with you. Defending his fellow billionaire's approach, the former Twitter CEO said that Elon Musk laying off employees and dumping advertisers makes sense as he is more focussed on free speech on the microblogging platform. In an interview, Jack Dorsey said that Elon Musk is attempting to create a bastion for free speech and Twitter chose brand advertising as its main source of income which was a "core, critical sin" that exposed the platform's moderation to the whims of corporations.

Former Twitter CEO and co-founder Jack Dorsey.(AFP)
Former Twitter CEO and co-founder Jack Dorsey.(AFP)

He said, “And when you're entirely dependent on that, if a brand like P&G or Unilever doesn't like what's happening on the platform, and they threaten to pull the budget, which accounts for like 20% of your revenue? You have no choice.”

Now catch your favourite game on Crickit. Anytime Anywhere. Find out how

Read more: Sacked Tesla employee says Elon Musk's company is selling magic: ‘Will look back on the time fondly’

Elon Musk has rebranded Twitter to X and the platform has seen an advertiser exodus since 2023 when he appeared to endorse an antisemitic post and aired controversial remarks on the platform.

Jack Dorsey said that Elon Musk made the right choice to stick by his vision for a censorship-free "digital town square" and reduce emphasis of the platform on advertisers.

"You have to build up a lot more than advertising to make that model work. You have to build subscriptions, which Elon is doing. You have to build commerce," he said.

Read more: Elon Musk’s xAI nears funding at $18 billion value soon as this week

Elon Musk also changed Twitter's subscription service by giving blue-check verification to paid users. To this, Jack Dorsey said that bleeding is part of decoupling from big advertisers' control.

“Twitter was a $5 billion a year business. I don't know what it is now, but it's obviously nowhere near that, right? These are choices that can be made, but it doesn't mean that it's going to be the same level of business for quite some time, until you figure out a completely different model around it,” he said.

Read more: Elon Musk's brain chip plan fails? Update on Neuralink’s first implant in a human

Jack Dorsey also defended mass layoffs at Twitter during which Elon Musk slashed global headcount by 80%. Elon Musk bought Twitter for $44 billion in October 2022 and it was earlier reported that the social media platform is worth less than half of what he bought it for.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Get latest updates on Petrol Price along with Gold Rate , Today Weather and Budget 2024 at Hindustan Times.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Wednesday, June 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On