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Elon Musk's ownership of X.com, previously known as Twitter, is set to face many challenges in the new year. The billionaire's tenure as X owner will continue in 2024 as he faces issues regarding fake news, security regulation, and profitability concerns alongside the social media platform.
The billionaire has faced numerous controversies since taking over the company in Oct. 2022. This includes staff treatment and massive layoffs.
These drastic changes rocked the industry and caused major stakeholders to doubt Musk's leadership. Furthermore, according to The Independent, X.com is expected to face regulatory penalties and fines while dealing with all-time low advertising revenues.
One of the company's biggest challenges is the European Union's investigation of its alleged failure to stop disinformation and illegal content production.
Failure to comply with these regulations can lead to hefty fines and, worse, suspension in the EU.
Investigation Findings Can Lead to Major Challenges for Musk and X
Since Musk's takeover of X, there have been multiple questions about extreme content on the site.
Examples of these contents are abusive posts that are circulating without censorship. Because of this, Musk has been heavily criticized for the free speech approach he implements in the company. Unsurprisingly, Musk has also laid off most of the company's content moderators, which is why there is an increase in harmful content.
With this, X is expected to diversify into other revenue streams and turn the platform into an "everything app." Aside from being a social media network, X will likely become an online payment platform and offer other entertainment products and services.
According to CoinTelegraph, Musk has also started streaming himself playing video games using X to promote the platform to become more like Twitch.
X and US Presidential Elections
X will also play a massive role in influencing public sentiment, especially as the United States election is set to start this January 15.
However, concerns about the site's capability to combat misinformation continue to be a significant setback regarding the continuity of its mass usage.
Photo: BoliviaInteligente/Unsplash
