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Elon Musk Buying Twitter Makes Advertisers "Anxious"

Elon Musk Buying Twitter Makes Advertisers "Anxious"

Elon Musk's purchase of Twitter has made advertisers "anxious" about the future.

The Wall Street Journal reports that the CEO of SpaceX, Tesla, and Neuralink is seeking to buy the social media company for as much as $30 billion. The deal would give Musk a controlling stake in the company, which currently has a market cap of about $24 billion.

Advertisers are concerned about the effect this could have on the platform's user experience. Some worry that Musk would use his newfound power to promote his own projects at the expense of other users' content.

Twitter has been losing money since going public in 2013, and has struggled to attract new users or make it easier for people to find things they want on the platform. The company also recently announced plans to lay off 9% of its workforce in an effort to cut costs and focus on products that deliver revenue.

The company was founded by Jack Dorsey, who remains CEO. Dorsey also founded Square Inc., which he sold last year for $4 billion.

Some say that Elon should leave the social media platform to the professionals, while others profess their admiration for the billionaire's marketing genius. Elon Musk revitalized Tesla with clever advertising campaigns that went viral, he helped SpaceX grow from a small startup into one of the most successful space exploration companies in history, and now he wants to take on Twitter with an entirely new approach to advertising—one that focuses on audience engagement instead of just driving traffic back to your website or app.

As one industry insider told AdWeek: "This would be Elon Musk making another big move in his world-domination plan."