Marketing in the News: Musk is Falling

 My interest in this article was sparked by the constant enjoyment I get from seeing what Elon Musk comes up with next. His spontaneity makes for some great news feed and entertainment, it's never a dull day with him! Ultimately, I chose this article because I enjoy staying in the know of what is going on with Elon Musk. 

                                

https://www.businessinsider.com/elon-musk-turning-x-back-into-twitter-2024-4

"Tesla's reign as EV king is fizzling, so Elon Musk has his sights set on a new goal - turning X back into Twitter" by Katherine Tangalakis-Lippert, was just released 6 days ago and covers some of the most relevant updates on Elon Musk's activity. The article analyzes three main points in her article, the first discussing Tesla's stock fall. Over this past year, Tesla's stock has fallen by over 10% and Elon Musk's net worth is going down with it. He went from being the richest man in the world, with a net worth estimated at over 200 billion, to fourth on the list. In a desperate attempt to recover, he is setting his sights on fortifying his other businesses which covers our second and third topics. Musk has redirected his energy towards X and has begun to make it look more like the old Twitter. With the whole blue checkmark fiasco being a total flop, Musk has returned its old status in a desperate attempt to get users back. 

X, like many other social media platforms, is all about connection. The company prides itself in being a platform that is free and convenient for users. Their six primary values include customization, convenience, pricing, performance, risk reduction, and brand status. But what sets it apart from others most is how people use it. 

The biggest challenge Musk and his companies are currently facing is a loss of clientele and with it lots of money. It seems Musk is handling this by tackling one company at a time, starting with X which has lost 15% of its users since it went from Twitter to X. One important factor that doesn’t help his case is the controversial things he says. Ad companies don’t seem to want to partner with someone whose mouth ruins his image.

Musk’s approach towards “fixing” X is unique because companies usually look towards bettering a company by reinventing it. Musk already tried that and utterly failed, so his current plan to turn it back to the way it was is in its own way safe. People liked the original Twitter, so hopefully changing things back to the way they were will bring those people back. 

As someone who preferred Twitter the old way, I am in full support of this “new” change. Although it is quite desperate, catering to an audience you already know likes your product is foolproof. I, like many others, felt there was no need to fix something that wasn’t broken. If I were him, I would redirect my focus towards fixing the Cyber truck (https://www.tesla.com/cybertruck) both literally and in image. Musk put millions of dollars into these trucks only for them to publicly fail in their debut at the end of last year. 

Thanks to Elon Musk and his experiences, I have learned that being unique doesn't have to be spontaneous, and that sometimes being remarkable can be for the wrong reasons. Another thing I gained from doing this assignment is a broader perspective on what people are willing to do to save their company.