Since executive Elon Musk became CEO of Twitter, the big issue affecting the future of that social media platform is also one of the most significant assets in the digital business world: trust.
Between Oct. 27 and Nov. 1, 2022, nearly 900,000 Twitter users deactivated their accounts. That’s more than double the usual average of deactivations per week. This indicator converges with the chaos Twitter users have faced, including the exodus of cyber execs, data breaches, launches of insecure products and the title of “scammer’s paradise.”
Even though the social media business could do a better job of dealing with all these situations, these are not risks intrinsic solely to that business. Every company needs to understand its risk appetite and tolerance levels based on both shareholders’ and stakeholders’ expectations. It must think of solutions considering its risk profile and its potential constraining factors, which may be financial, cultural and technological.