We won't get into the specifics of how he ended up in this position, but it's interesting to see that one man can run the world's most valuable car company, a business that might one day put humans on Mars, a social media corporation, and has some time left for other side projects as well.
Since taking over Twitter, Elon Musk has wanted to make it profitable. After some hiccups and a lot of firing, a system was set in place – some users must pay if they want to remain relevant on the platform or enjoy various advantages. Individuals can pay $8 ($11 if you're an Apple customer) monthly or $84 per year for the previously coveted blue checkmark. But they also get the option to edit tweets, see fewer ads, enjoy favorable ranking, text formatting, and many other virtual goodies.
Since Formula 1 is a motorsport known worldwide with millions of fans run by the Formula One Group, the corporate entity understood that fans desire in-depth access and established its own media company – Liberty Media. That's why there are so many ways in which the races can be experienced by anyone, virtually everywhere on Earth.
Going as far as possibleBut F1 also understood it needed to reach a broader audience and gain new fans. That's one of the reasons why it is so invested in social media. Another one is that social media engagement can provide essential data that can help identify what fans want and the trends that may start once a good meme is created, or something out of the ordinary happens.
Formula 1 is also a place where brands like to get involved, and they are willing to spend the big bucks to display their names in visible areas during a race. Building a solid identity is possible with F1 because it simply reaches millions of people, whether they pay or not, to see the competition happening.
Thus, F1 is everywhere, including TikTok. But while Facebook, Instagram, and YouTube remain free to use and can even be set up so that they can generate revenue, it's interesting to see how the teams involved in the motorsport and the company running it decided to tackle the new Twitter leadership era.
A checkmarked future?Oracle Red Bull Racing, BWT Alpine F1 Team, Mercedes-AMG Petronas F1 Team, Aston Martin Aramco Cognizant F1 Team, McLaren Racing, Scuderia AlphaTauri, and Williams Racing are all paying for the gold tick. That's at least $7,000 a month from just these seven F1 teams that want to be seen on Twitter.
While Ferrari and Alfa Romeo may not need a gold tick to be identified by fans that spend time on the reformed social media platform, it's weird that America's F1 team decided against going with the majority. It's unlikely to be about the money, so we're not exactly sure why Haas wouldn't want to support another American business. Maybe they just don't put so much value on Twitter or social media in general.
Red Bull, Mercedes-AMG, Ferrari, and Aston Martin currently dominate Formula 1. The fight for the top stop is still ongoing. We have 16 races left. Will one of these be live-streamed on Twitter? Or will the platform implement a special section for the popular motorsport now that F1 and the constructors are willing to spend more to reach a broader audience? It remains to be seen, but it's something that may help F1 generate even more buzz for itself. Twitter stands to gain something too.
It might just be that everything Elon Musk touches turns to gold.