But Elon Musk says it’s a “tiny” package just to test competition
Twitter users are expected to see Starlink’s brand messaging for the first three times they open the app on a day as Elon Musk’s SpaceX purchased one of the larger advertising packages on the social media platform.
SpaceX has reportedly placed an advertising package called “takeover” to promote its satellite internet service called Starlink on Twitter in Spain and Australia, according to CNBC sources. When a firm purchases one of these packages, it often spends up to $250,000 to place its brand at the top of the main Twitter timeline for a full day.
However, Musk clarified that his aerospace firm bought only “a tiny–not large–ad package,” apparently to test Twitter’s advertising effectiveness against other social media platforms.
According to current and past Twitter employees who talked to CNBC, SpaceX has not traditionally acquired major advertising packages from Twitter. So, if Musk claims the ad is meant to test Twitter’s advertising effectiveness against other online platforms, the SpaceX’s funding might be more beneficial for Twitter than the aerospace firm’s promotion.
Musk is “streamlining” Twitter’s operations and creating more revenue streams in the hopes of maximizing the platform’s potential–a platform he touted he overpaid for $44 billion. One of his most recent controversial moves is to allow Twitter users to purchase the verification blue check for $8 per month–however, due to a number of parody accounts surfacing with paid check marks, the move was suddenly halted.
Recent filings also showed that Musk sold 19.5 million shares of Tesla, equivalent to about $3.95 billion, in 38 separate transactions.
The Spacelink ad on Twitter, which was purchased just a week ago, was set to run in the next days, first in Australia and then in Spain.
Information for this briefing was found via CNBC and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.