by Elon Musk’s tumultuous tenure at X will continue in 2024 as the billionaire and social media platform faces ongoing issues of online safety regulation, misinformation and revenue concerns.
Since taking over Twitter – as the site was previously known – in October 2022, Musk has been embroiled in a series of controversies, including his treatment of staff and job cuts at the firm , and the site’s changing approach to moderation.
The disruption has caught the attention of alarmed regulators and advertisers, leaving X heading into 2024 in the precarious position of facing regulatory penalties – including fines – while also dealing with falling advertising revenue.
One of the most pressing issues in the new year will be the European Union’s investigation into X, alleging breach of rules by the platform in several areas including stopping illegal content and disinformation.
The proceedings were launched under the Digital Services Act (DSA), tough new technology laws introduced by the EU that require major platforms to protect their users from extreme and harmful content.
Failure to do so could result in large fines or suspension of service in the EU – X would not be able to afford to face the consequences.
The EU began looking into X in October over the potential spread of terrorist and violent content following the Gaza conflict, and X responded that it had removed hundreds of accounts from the platform.
Now it has launched a formal investigation, and also wants to scrutinize the effectiveness of the site’s Community Notes feature, which allows others to comment on the accuracy of posts, X system and Mr. Musk argue helps fight disinformation.
The results of that investigation could trigger a major upheaval for Mr. Musk and X.
But ever since Mr. Musk completed his takeover there have been questions about major content on the site.
Some watchdogs and online safety groups have repeatedly expressed concern about harmful and offensive posts being freely circulated, and Mr Musk has been criticized for his free-speech approach to running the site, and for many moderators. lay off the site.
It has also been criticized for allowing previously banned users, including conspiracy theorist Alex Jones and far-right figures such as Tommy Robinson, to return to the platform, and for reposting or reposting controversial posts. interact with itself.
With the UK’s Online Safety Act now in place and likely to come into effect towards the end of the year, X may face even more regulatory questions in the coming months.
But the scrutiny isn’t just coming from regulators – many advertisers have pulled back from the platform as a result, and Mr Musk has accused a campaign group in the US of trying to kill the social network and advertisers drive away by claiming the site. antisemitic by failing to remove hateful content.
Mr. Musk himself acknowledged that the advertiser event cost the social media company “billions” of dollars in revenue, and in an interview in early December he admitted that an advertiser boycott could even bankrupt the firm.
As a result, 2024 is likely to see X try to diversify to reveal new revenue streams – likely through more projects to turn the platform into a so-called “everything app” – where one- stop everything from social media. with online payments, entertainment and other goods and services.
X has already launched a range of new subscription-based options and Mr Musk introduced a new audio and video calling service this year.
In the meantime, the billionaire has started streaming himself playing video games on the site more often, which some commentators have suggested is an attempt to push more X users to the same and rival apps like Twitch.
All this turmoil comes as the site prepares to face one of its biggest tests in recent years – and certainly since Mr Musk took over – in the form of a general election.
Some of the world’s largest democracies will go to the polls in 2024, including the US and probably the UK, where a general election is due before January 2025.
X is likely to play a central role in getting messages to the public, just as it has in past elections when it was called Twitter.
But the concerns over the site’s ability to combat misinformation and misinformation, and indeed the fear in some quarters that Mr Musk’s free speech mantra will allow fake and misleading content, could have significant implications. be seen online.
UK Technology Secretary Michelle Donelan has said the Government is working with social media firms to have “robust mechanisms” in place by the next election to stop fake content being spread online.
But any incidents of misinformation before any of the major elections are likely to increase the pressure on Mr Musk to change his approach at X, in what is shaping up to be a crucial year for the company, and for Mr Musk himself.
