Promotion of cannabis on Twitter may take a better turn in the coming months as Elon Musk gets set to become a member of the social media giant's board.
Last week, a viral announcement revealed that the richest man in the world had acquired 9.2% of the total shares of Twitter. This announcement has to be one of the most unexpected purchases in the stock market. Hours after this information went viral, Twitter stocks went over the roof. There is speculation about what this announcement could mean for cannabis advertising on Twitter. Given that Elon Musk is one of the country's most well-known supporters of cannabis use, There's a photo of the tech expert smoking weed at a podcast show on the internet.
Cannabis Promotion on Social Media
Cannabis is a federally prohibited drug. Based on this classification, media companies do not allow adverts for the different forms of cannabis products to be published on their platforms. Many cannabis operators face the challenge of advertising their products on mainstream platforms. The prohibition of such advertisements has made it difficult to spread information about cannabis or even get in touch with existing or potential customers. Cannabis businesses can increase profits with social media advertising, more so than with regular brick-and-mortar stores.
Different studies have proved that cannabis is a beneficial drug. However, until the federal laws acknowledge these studies, social media platforms may be forced to maintain their prohibition. Twitter is not the only social media behemoth opposed to cannabis advertisements. Instagram and Facebook also restrict the promotion of the plant. Although some people find ways to work around the restrictions, moderators on the platform quickly delete such posts or accounts as soon as they see them.
Musk's New Role In Twitter's Corporation
Elon Musk is one of the most influential people across various social media platforms. He has always been a frontrunner for freedom of speech, and he proved this by refusing to deny Russia access to its servers during the first days of the ongoing Ukraine war.
Musk's intention for the social media platform is not clear at the moment. But all indicators suggest that he's here to improve the platform's adherence to free speech. Last month, he organized a Twitter poll for his followers to state whether or not Twitter practiced adequate free speech. The poll results showed the majority believed the platform was too restrictive.
During his time as a regular tweep, Musk is famous for using his account to post memes and reply to business critics. Now that he is a board member, the majority hope he'll stick to his principles of free speech. Twitter's spokesperson disclosed that the board has little to do with the day-to-day operations of the platform. They only serve as an advisory to the management and employees. However, this doesn't eliminate Musk's ability to effect change on the platform. A day after he was announced as the majority shareholder of Twitter stocks, the tech mogul created another poll for his followers to choose whether or not a Twitter edit button was necessary. The majority selected yes.
Hope for Cannabis and Cryptocurrencies
Many predict that Musk would turn around Twitter's restrictions on cannabis and cryptocurrency promotions for users in the U.S.
Elon Musk is an avid lover of cryptocurrencies. He even holds the nickname "the Father of Dogecoin" due to his instrumental involvement in raising the coin's valuation in the last year. His interest in cannabis is also not hidden, thanks to his picture on Joe's podcast, which shows him smoking.
The newly appointed board member will most definitely have specific changes he plans to make during his time as a board member. His penchant for free speech might result in Twitter foregoing some restrictions against cryptos and cannabis. Not for anything, but for Musk's belief that both products are important to the future. Musk often refers to himself as a "free speech absolutist." What better way to seal this description than to make sure Twitter begins to accept crypto and cannabis promotions?
What He Truly Wants
One of Musk's favorite arguments is for Twitter to make its algorithm more accessible to the public and also reduce the requirements needed for the verification of accounts. With a seat at the table, Musk can now begin to push toward this.
On a lighter note, it won't be surprising to see Musk calling for the removal of crypto scam bots in the coming weeks, what with his dislike for the bots on Twitter. A communications professor at Syracuse University joked that Musk could secretly be planning to destroy the platform rather than make changes. The Tesla and SpaceX CEO now have a war of top managers on Twitter's platform. With 80 million Twitter followers, he is one of the most followed public figures with no affiliation with the entertainment industry.
The Position Of Other Shareholders
Most Twitter investors say they are encouraged by Musk's new appointment to Twitter's 12-man board. They believe that Musk would have several ideas to improve how the company and its platform are run. Being as successful as Elon Musk means there is no room for failure.
A few investors claim the new development raises room for concern. This is due to the reports of Musk's company, Tesla, treating its black workers in a less than acceptable manner. Meredith Benton commented that Musk could indirectly undermine years of thoughtful and strategic management practices that keep the company running as it should.
Bottom Line
Parag Agrawal, Chief Executive Officer of Twitter, tweeted about the board's delight in having Musk on board. These praises suggest that senior board members and stakeholders in the corporation would be acting on Musk's different ideas. Note that Elon Musk alone cannot or does not have the authority to add the edit feature to the platform or change the rules and policies of the forum to permit cannabis or crypto promotions. However, he's in the right spot to induce change from within. Now, he'll be able to influence other board members and stakeholders on the benefits of the edit button and cannabis acceptance on the social media giant.
Hopefully, Musk will reveal his next step in the coming weeks.
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