Twitter’s user base is shrinking, and the platform has lost over $10 billion in market value.
Twitter’s most recent earnings report showed that the company lost $167 million in the third quarter of 2021. That’s on top of a $100 million loss from the previous quarter. Twitter had already been bleeding users before this report, and its stock price has dropped by over 50 percent since February.
With all this bad news, it’s not surprising that some are speculating that Twitter is dying. However, it seems more likely that the platform will simply go through a period of significant change to adapt to its changing circumstances. In fact, Twitter CEO Jack Dorsey told investors that he plans to make changes to improve “engagement” and “monetization” – two things they haven’t been doing well lately.
What is Twitter?
Twitter is a social networking service where users can post short messages called tweets, which can be up to 280 characters long (the length of a Tweet). Other users can reply or retweet these posts if they find them interesting.
The site was founded in 2006 by Jack Dorsey, Biz Stone and Evan Williams and launched in July 2007. The service rapidly gained worldwide popularity as people began using it for social interaction and microblogging (posting very short updates about their lives).