I agree that he really dropped the ball (I moved to nostr because of him not allowing links to nostr). I think it was because he lost tens of billions of dollars because of the amount of leverage he had, the market downturn, and advertisers dropping so much because of the political uncertainty that Elon brought (advertisers are risk averse by default).
I think all of us have an idea of what social media should be compared to what it is now (looking at what my friends and people I'm interested in it are doing), but it's not compatible with the amount of advertising revenue that needs to be generated to justify a $40B valuation.
There's a deep conflict between the value provided to the users and the value created to advertisers, and Elon highly underestimated that conflict, so now he's (and Tesla investors are) paying the price.
I think all of us have an idea of what social media should be compared to what it is now (looking at what my friends and people I'm interested in it are doing), but it's not compatible with the amount of advertising revenue that needs to be generated to justify a $40B valuation.
There's a deep conflict between the value provided to the users and the value created to advertisers, and Elon highly underestimated that conflict, so now he's (and Tesla investors are) paying the price.