Elon Musk has said he does not want Twitter to become a “free-for-all hellscape”, in a sudden bid to appease advertisers after the billionaire previously suggested that he wanted the social media platform to rely less on money from marketers.
“Twitter obviously cannot become a free-for-all hellscape where anything can be said with no consequences!” he wrote in a letter posted on Thursday titled “Dear Twitter Advertisers”.
Mr Musk, a self-declared “free speech absolutist”, has repeatedly said his acquisition of the company stemmed from a desire to restore free speech to Twitter, triggering concerns among advertisers that the social media platform might no longer remain a safe place for brands if it became home to toxicity and abuse.
But in the letter he sought to reassure advertisers, which account for the majority of Twitter’s $5 billion (€5 billion) annual revenues, writing: “In addition to adhering to the laws of the land, our platform must be warm, and welcoming to all, where you can choose your desired experience according to your preferences, just as you can choose, for example, to see movies or play video games ranging from all ages to mature.”
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He added that Twitter “aspired to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise”.
The post comes just a day before his $44 billion deal to buy Twitter is set to close, in keeping with a deadline imposed by a Delaware court.
It marks an about-turn from Mr Musk’s previous comments on the marketing business. In 2019, Mr Musk said on Twitter that he “hated advertising” and in April he wrote in a since-deleted tweet: “The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive.”
In an early presentation to potential investors in the deal, Mr Musk said he wanted to shift Twitter away from relying so heavily on advertising – down to 45 per cent of revenue from more than 80 per cent in 2021, according to someone familiar with the document. He also indicated that other income would come from subscriptions as well as new business lines in payments and data licensing.
But in the near-term, Mr Musk now has to convince advertisers to work with a company he publicly accused of lying about fake accounts and its cyber security practices, as he attempted to wriggle out of his agreement to acquire the business.
The world’s richest man wrote on Thursday that he had bought Twitter to “help humanity”, not to make more money. But he also said that he believed that advertising “when done right, can delight, entertain and inform you”, adding that it was “essential to show Twitter users advertising that is as relevant as possible to their needs”.
– Copyright The Financial Times Limited 2022
