Twitter's Power Users, the WeChat Opportunity, and TweeterDAO
Take my money - I am in
I agree with a lot of your ideas, but I think you're missing the bigger point of what Elon would be trying to do. His primary purpose is to create a free speech platform. His other proposals seem to serve that one foundational idea, and I think he is correct that it is the most important one. If he can succeed in that lofty goal, it will bring untold opportunities moving forward. Censorship is a massive issue for half of the free world. It has led to attempts to build other platforms with varying success and some spectacular failures because they lack the network effects that first movers like Twitter already have. If Elon could get the free speech part right, Twitter will be more attractive for every person, idea, and piece of content on the internet. Censorship issues are many people's number one complaint on Facebook and Youtube as well. If Twitter is the place that solves the dilemma, opens the algorithm, uses data more responibly, etc, why not create a video platform to take on Youtube? Why not create the Facebook Messenger killer? Twitter could take all of it and more. I'd switch ever piece of my internet life to a platform that held on to those ideals and already had the network effects that the new platforms lack. I think you and Elon are both understating the possibilities ahead.
I really liked this piece. Not least because a lot of the ideas @packy had I'm already building. And many of the problems brought up I have solutions for. Let me explain:
(For context I'm building a professional network for the health sector)
Twitter doesn't know what it is - for many twitter is a social network (which are where many of the problems lie. Divisive discourse, echo chambers etc), but it is optimally utilised as a professional network. When you have a PN you need to look at the first principles of what it means to be a professional in 2022 and build from there (Musk likes doing that anyway) - You need a central point of value that can be expanded and interpreted while maintaining its foundation. This is why I created the Growth Value model. It is a model for sectoral development that supports personal, professional and organisational growth. It is based on macro systems of information ecosystems, learning & development and work dynamics. This is probably not effective value point for twitter given its incredible size, but it can learn something from creating a more focused central value point.
Need to increase per-user revenue - social networks have to remain free a the point of foundational use. We can't escape that because that is what consumers are used to. You have to build tools to entice them to optimise their time on the platform. Packy made great points about knowledge apps, service chats, nfts and social homes. I am building many of these into a seamless dashboard style professional network platform.
web3 and decentralisation - when you look at the emerging web3 social platforms and protocols in social networking you see the common trend of composability. The future of the web has to be more open and inviting of network integration. Tokens obviously play a big part in this, as do wallets that members can carry their data around in. The short term likelihood of Twitter massively decentralising is small, but it will be left behind a decade from now if it does not open up to other networks, not just developers.
Power User Take Rate - It is right that power users wouldn't give up the platform for $10k. So make them pay for it. With a tokenised information system members can earn from the information they create. Then add a low take rate for any content they put up that is monetised. This is highly effective at scale and wouldn't deter users from creating content given they are now earning from it in certain circumstances.
I have more ideas, but I don't want twitter finding out ;)