Elon Musk has invested in Twitter and may be tasked with running the social-media company. In related news, Jack Dorsey, Twitter’s founder, and former CEO announced a beta for a new social media company this week.
Bluesky has been developing a revolutionary, blockchain-based social platform for quite some time now. The initial news that was released on the company’s website drew 30,000 sign-ups within two days. Users are still able to sign up to become beta testers before the platform is publicly released.
Bluesky is an autonomous platform that allows creators to explore new ideas and be independent of the platforms they build for. The company doesn’t have to deal with content restrictions or algorithm changes, and it monetizes through advertising instead. As a result, this has been seen as one of their primary selling points to potential clients.
Twitter revealed plans for an open and decentralized standard for social media in 2019.
In private text messages between Dorsey and Musk that became public in the course of a legal battle, Dorsey said that Twitter needs to have an “open-sourced protocol” similar to Signal because it can’t have an advertising model.
Twitter co-founder Jack Dorsey ran the company from 2006 to 2011, before stepping down and handing his duties over to CEO Evan Williams. After stepping down in 2011, Dorsey returned to the company in 2015, taking on the responsibilities of both CEO and chairman. In November of 2021, he finally stepped down from this position, as well as others like CTO and COO, which allowed Parag Agrawal a promotion to replace him. Then just this week, Musk did what he does best – fired a bunch of employees and CEO Parag Agrawal for no reason at all.
Musk reportedly fired them “for cause” to avoid having to pay them any severance payments, which would have impacted the company’s cash-flow projections.
By the way, what do you think of Jack Dorsey new social media company? Will it give tough competition in this competitive market?