In 2022, Elon Musk proposed to purchase Twitter, eventually taking over the company with a $44 billion leveraged buyout. Under Musk’s leadership, he promised to restore free speech and address disparities caused by the blue check mark system for verified accounts. After taking over, Musk decided to charge users $8 a month for the blue check mark, and later removed the check marks from those who didn’t pay. Under this scheme, blue check mark became a status symbol with Musk favouring fan accounts and trolls. However, the move saw backlash, and fake accounts caused confusion. Twitter’s credibility was at stake, with blue check marks being instrumental in identifying reliable information sources. By August 2023, Musk began to understand the issue and started allowing users to hide their check marks. Most recently, he announced free premium accounts and reinstatement of blue check marks for those with over 2,500 verified followers. Critics remain skeptical of Musk’s handling of Twitter’s blue check system.
Vocabulary List:
- Leveraged buyout (noun): The acquisition of a company using a significant amount of borrowed money.
- Disparities (noun): Inequalities or differencesespecially in treatment or opportunities.
- Backlash (noun): A strong negative reaction to something.
- Credibility (noun): The quality of being trusted and believed in.
- Instrumental (adjective): Playing a vital or essential role in a process or situation.
- Reinstatement (noun): The action of restoring someone to a previous position or condition.
