Twitter’s Complete Code Rewrite, $15 Billion Valuation, and “What Is a Woman” Film Censorship Controversy
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It has been a wild few days at Twitter, with persistent downward revisions in the global town square’s valuation amid widespread advertisement drought, and a fresh censorship controversy to complete the image of management upheaval.
Elon says he still believes that a ground up rewrite of the Twitter code will be needed.
The team are already cutting down and rewriting the codebase - for example, the code for the timeline mixer was 700,000 lines, now it’s 70,000, down by a factor of 10.
— T(w)itter Daily News (@TitterDaily) June 1, 2023
Elon Musk appears to be leaning toward a complete rewrite of Twitter’s code from the ground up to extract efficiency gains. For instance, a rewrite of the platform's timeline mixer code has resulted in 10x efficiency gains, with 700,000 code lines now reduced to just around 70,000 lines.
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— Elon Musk (@elonmusk) June 1, 2023
In the same vein, Elon Musk appears to be angling to rebrand Twitter to X Platform. Bear in mind that the social media platform is already a subsidiary of Nevada-registered company, X Holdings Corp.
On the 28th of April, 2023, the Fidelity Blue Chip Growth Fund published its monthly holdings report. The fund has cut the value of its stake in X Holdings Corp. – the company that owns Twitter now – to just $6.55 million, equating to an overall valuation of $15 billion for the global town square. This is the fourth downward revision to the global town square's valuation that Fidelity has undertaken since October 2022, when Elon Musk officially took over the company.
These valuation downgrades are a direct result of the ongoing
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