Connect with us

SOCIAL

Musk and Twitter: From volatile courtship to messy divorce

Published

on

Billionaire Elon Musk already holds 9.2 percent of Twitter

Billionaire Elon Musk already holds 9.2 percent of Twitter – Copyright AFP/File Kirill KUDRYAVTSEV

Elon Musk’s pursuit of Twitter was a melodrama from beginning to end — a volatile courtship between a mercurial billionaire and the massively influential social media platform.

That relationship — an obvious love-hate affair from Musk’s side — now seems set to end in an acrimonious divorce.

– The courtship –

It all began with an expensive first date: Musk — a longtime Twitter user known for inflammatory tweets — snapped up 73.5 million shares at a cost of nearly $2.9 billion.

The purchase, which was revealed in an April 4 regulatory filing and gave him a 9.2 percent stake in the company, sent Twitter shares soaring and sparked speculation that Musk was seeking an active role in the social media company’s operations.

It also earned him a seat on the board. CEO Parag Agrawal announced the offer — in a tweet, of course — and called Musk “a passionate believer and intense critic of the service which is exactly what we need.”

Advertisement

But the honeymoon didn’t last long: Agrawal said on April 10 that Musk had decided against joining the board, a move the Twitter CEO believed was “for the best.”

Rather than amicably parting ways, Musk launched a hostile takeover bid for the company, offering $54.20 a share, an April 13 filing showed.

After saying it would “carefully review” the offer, Twitter adopted a “poison pill” defense, announcing a plan that would allow shareholders to purchase additional stock.

– The engagement –

Then came the plans for a walk down the corporate aisle: Twitter reversed course and said on April 25 that it was selling to Musk in a deal valued at $44 billion.

But weddings can be expensive, so Musk took action to cover the cost, parting with $8.4 billion in shares in electric carmaker Tesla. He pledged up to $21 billion from his personal fortune, with the rest financed by debt.

Musk was already planning his new life with Twitter, saying a few days later that he would lift the ban on Donald Trump, which was handed down after the January 2021 riot at the US Capitol by the then-president’s supporters.

– The breakup –

Advertisement

But Musk soon began showing signs of cold feet, saying on May 13 that the deal to buy Twitter was “temporarily on hold” pending details on spam and fake accounts on the platform.

In early June, advocacy groups decided to speak now instead of forever holding their peace, launching a campaign to stop Musk from going through with the purchase, which they said would allow him to “hand a megaphone to demagogues and extremists.”

Musk meanwhile accused Twitter of failing to provide data on fake accounts, and threatened to withdraw his bid.

On June 16, however, he offered signs that the match was still a go, pitching a vision to Twitter staff of a one-billion-user platform. But he was hazy on issues such as potential layoffs and free speech limits.

It all came crashing down on July 8, when Musk called off the wedding and accused Twitter of making “misleading” statements about the number of fake accounts.

The breakup between the billionaire and the social media platform is set to be far from friendly.

Twitter’s chairman tweeted that the company will pursue legal action to enforce the deal, setting up a pricey showdown as the divorce heads to court.

Advertisement

Source link

SOCIAL

Meta Launches New Reels Features, Including Stories to Reels Conversion and Improved Analytics

Published

on

Meta Launches New Reels Features, Including Stories to Reels Conversion and Improved Analytics

As it works to latch onto the short-form video trend, and negate the rising influence of TikTok, Meta has announced some new updates for Reels, across both Facebook and Instagram, including additional Reels insights, the expansion of the ‘Add Yours’ sticker, and ‘auto-created’ Reels clips. Yes, automatically created Reels videos.

Here’s how the new additions work.

The main addition is the expansion of the ‘Add Yours’ sticker from Stories to Reels, providing another way to prompt engagement from other users via Reels clips.

As you can see in these example images, you’ll now be able to post ‘Add Yours’ questions via Reels clips, while you’ll also be able to view all the various video responses to any prompt in each app.

It could be another way to spark engagement, and lean into the more interactive ethos of the short form video trend. Part of the appeal of TikTok is that it invites people in, with the participatory nature of the app essentially expanding meme engagement, by making it more accessible for users to add their own take.

Meta will be hoping that the ‘Add Yours’ sticker helps to facilitate the same, prompting more engagement with Reels clips.

Next up is auto-created Facebook Reels, which, as it sounds, will enable users to automatically convert their archived Stories into Reels clips.

Advertisement
Reels updates

As you can see here, you’ll soon see a new ‘Create from Your Story Archive’ prompt in the Reels creation flow, which will then enable you to convert your Stories into Reels clips.

So it’s not exactly wholly automated Reels creation, as it’s just flipping your Stories clips into Reels as well. But it could provide another, simple way for users and brands to create Stories content, utilizing the video assets that they already have to link into the trend.

Worth noting that Meta also recently added a tool to convert your video assets into Reels within Creator Studio.

Meta’s also expanding access to its ‘Stars’ creator donations to Facebook Reels, which is now being opened up to all eligible creators.

Stars donations in Reels

Meta initially announced the coming expansion of Stars to Reels back in June, which will provide another critical monetization pathway for Reels creators. Short form video is not as directly monetizable as longer clips, where you can insert pre and mid-roll adds, so add-on elements like this are key to keeping creators posting, and fueling an ecosystem for such in its apps.

Stars on Reels will be available all creators that have maintained at least 1,000 followers over the last 60 days.

Meta’s also adding new Reels performance insights to Creator Studio, including Reach, Minutes Viewed, and Average Watch Time.

Reels updates

That’ll provide more perspective on what’s working, and what’s not, to help optimize your Reels approach – which could be especially valuable in the coming holiday push.

Lastly, Meta’s also expanding some Reels features that were previously only available in Instagram to Facebook as well.

Crossposting from Instagram to Facebook is now available to all Instagram users, while Meta’s also expanding its Remix option to Facebook Reels also.

Reels updates

As noted, Reels has become a key focus for Meta, as the short-form video trend continues to gain traction, and TikTok continues to rise as a potential competitor. By replicating TikTok’s main elements, Meta’s working to negate its key differentiation, which could ensure that more of its users don’t bother downloading a new app, and just stick with its platforms instead.’

Which, whether you agree with that approach or not, has proven effective. Reels content now makes up more than 20% of the time that people spend on Instagram, while video content, overall, makes up 50% of the time that people spend on Facebook.

Advertisement

Meta additionally notes that it’s seen a more than 30% increase in engagement time with Reels across both Facebook and Instagram.

Meta doesn’t need to ‘beat’ TikTok as such (as much as it would like to), but it does need to dilute its significance if it can, and make it less appealing for users to have to start yet another new account, and re-build their friends list.

That’s why it’ll continue to replicate TikTok at every turn, because millions of people are currently not going to TikTok because of the presence of Reels in its apps.  

You can learn more about Meta’s new Reels updates here.

Source link

Continue Reading

DON'T MISS ANY IMPORTANT NEWS!
Subscribe To our Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address

Trending

en_USEnglish