Okay, I’m not sure I understand what ‘record levels of engagement’ means to LinkedIn.
Today, as part of its latest performance update, LinkedIn’s parent company Microsoft has shared that LinkedIn revenue grew 26% in the most recent quarter, while user sessions grew 22% – ‘with record engagement’.
Which seems fine – until you also consider that LinkedIn has reported ‘record levels’ of engagement since 2018.
- In October 2018, Microsoft reported record levels of engagement and LinkedIn sessions growth of 34%
- In January 2019, LinkedIn sessions rose 30% with record levels of engagement
- In April 2019, LinkedIn saw 24% sessions growth, with record levels of engagement
- July 2019 – sessions up 22%, record levels of engagement
- October 2019 – sessions up 22%, record levels of engagement and job postings
- January 2020 – sessions up 25%, record levels of engagement
- April 2020 – sessions up 26%, with record levels of engagement
- July 2020 – LinkedIn sessions grew 20% (no mention of record engagement this time around)
- October 2020 – sessions up 31% with record levels of engagement
- February 2021 – sessions up 30%, record levels of engagement
- April 2021 – sessions up 29%, record engagement
- July 2021 – sessions up 30%, record engagement
- October 2021 – sessions up 19%, record engagement
- January 2022 – sessions up 22%, record engagement
- April 2022 – sessions up 22%, record engagement
So, going on these reports, since 2018, active LinkedIn sessions have increased by some 418%, in a time where LinkedIn has added 47% more members around the world.
Is it actually possible that LinkedIn has seen ‘record levels’ of engagement growth for virtually every quarter for the last four years?
Of course, the devil is in the detail. While Microsoft has reported sessions and engagement growth, it hasn’t actually provided a scale of comparison, i.e. what exactly ‘record growth’ means in this context.
The assumption is that LinkedIn is seeing significantly more activity every quarter, but there’s no specific figure here to quantify these stats. There’s no data, for example, which says that people are commenting more on posts, or using post reactions more often, or sharing more updates.
As such, we don’t exactly know what ‘record engagement’ means. But it doesn’t seem possible that LinkedIn is breaking its own engagement record every single quarter, right? Like, if there were x million comments, x million reactions/likes, and x million shares in Q1, it couldn’t have bested those exact marks again every time.
I don’t know, it seems a little off – but according to Microsoft, LinkedIn engagement remains very strong, with sessions continuing their upward trajectory, and its member count continuing to rise.
In terms of revenue, Microsoft has reported a reduction in LinkedIn ad spend – as we’re seeing on all platforms – though even then, LinkedIn’s revenue, overall, has continued to rise.
Microsoft also notes that it’s been increasing its investment in LinkedIn, which has boosted the company’s operating expenses.
But overall, LinkedIn performance seems solid, I guess, given the limited data we have to go on.
Given the noted growth in engagement, it makes sense that LinkedIn has been putting a bigger focus on content of late, and on supporting creators, in order to help them establish stronger connections with their in-app audiences.
LinkedIn’s added newsletters and LinkedIn Live access to its Creator Mode, along with improved content analytics, while it also recently expanded its Creator Accelerator Program, which provides advice and support for rising thought leaders.
In some ways, it’s strange to think of LinkedIn looking to establish a creator ecosystem like Instagram or TikTok, where the majority of content creators are focused. But if LinkedIn wants to keep its users coming back, it needs to give them a reason to do so, and new, fresh posts from popular talent is a key way to maintain engagement, and keep the discussion going beneath its updates.
In combination, LinkedIn is well positioned to capitalize on the market recovery that will follow in the wake of the pandemic. Which may take some time, but eventually, hiring activity will ramp up once again, and LinkedIn is now the place to be to showcase your skills and capabilities within a professional context.
Elon Musk Sells of Tesla Stock in Preparation for Possible Twitter Deal
It seems that Elon Musk isn’t entirely confident that he’ll be able to pull out of his $44 billion Twitter takeover deal, with Musk reportedly selling almost $7 billion in Tesla stock in recent days in preparation for a transaction, if he is ordered to pay up.
As reported by The Wall Street Journal:
“Mr. Musk, Tesla’s chief executive and largest shareholder, sold around 7.9 million shares between Friday and Tuesday, the disclosures show, leaving him with a 15% stake in the company. The Tesla boss has been on a selling spree over the past year, during which he has cashed out roughly $32 billion worth of shares in the electric-vehicle maker.”
Musk has since confirmed the sell-off, explaining that:
In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.
— Elon Musk (@elonmusk) August 10, 2022
The Musk/Twitter takeover is scheduled to be heard in the Delaware Court of Chancery in October, after Musk and his team sought to exit the deal based on Twitter’s inability to convince them that only 5% of its active users are fake/bot accounts.
In response, Twitter has outlined its ‘airtight’ case against Musk’s various claims, with the court scheduling an expedited trial based on Twitter’s counter evidence. Twitter’s counter filing has also suggested that this element is not a legal impediment to the closing of the deal, under its original terms.
That means that Musk’s takeover will come down to Musk’s legal team’s ability to convince the court that Twitter’s process of counting bots and fake accounts constitutes a material altering of the original terms of the proposal, which looks like it could be a difficult path to take.
Which is why Musk is now taking measures to prepare for a likely loss, which will eventually, probably, still see Musk become Tweeter in chief. Whether he wants to be or not.
Of course, you could also argue that this is due diligence, and that Musk is simply taking steps to ensure he’s covered, just in case he loses the case. Some have also suggested that Musk’s entire Twitter takeover bid has been an elaborate front in order to facilitate the sell off of Tesla stock options that were set to expire soon. These latest sell-offs could also play into that narrative, in enabling Musk to make even more money, without raising market concerns as he reduces his Tesla stake.
That’s super rich guy math, and I won’t even pretend to understand the complexities of how that might work – but it does seem like, at the least, Musk is slightly concerned that he’s not going to win his upcoming trial, and that he will indeed be forced to buy Twitter at his original agreed price.
Though Elon has also noted that he has a back-up plan, in case his Twitter deal falls through.
There’s nothing at X.com yet, but another Twitter user also shared this video clip in which Musk explained his plans for the website.
So Musk has a ‘pretty grand vision’ for what ‘X.com’, and ‘X Corporation’, could be, with Twitter helping to expedite that plan, whatever it is.
So even if Elon does lose his upcoming court case, he could still look to make bigger waves in the social media world – while it may also suggest that Twitter could become ‘X’ or something like it, in Elon’s broader plan.
Which kind of kills off this idea:
In any event, we’re now getting closer to a resolution one way or another, with the trial date looming, and Musk preparing for the next stage, whatever that may be.
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