The Musk Factor: Twitter's market share grows by 55% amid takeover

New Delhi: Twitter's global market share has surged by 55.8 per cent in 2022 amid Elon Musk's takeover, according to reports. In January, Twitter had a market share of 7.16 per cent while as of November, the figure stood at 11.16 per cent.

Based on the market share data across the year, it can be assumed that Musk has influenced the numbers; for instance, the share spiked around May when the deal was first announced but appeared to plunge after he initially backed out.

Meanwhile Facebook's share plunged by 11.86 per cent till November across desktop and mobile devices worldwide. According to data compiled by Finbold, a breakdown of the market share indicates that Facebook began the year at 76.85 per cent while in November, the value stood at 67.73 per cent.

"The performance appears to quell initial fears that Twitter might experience a mass exodus of users with Musk's takeover," said the Finbold.

From the data, Facebook remains the dominant social media platform, but Twitter is winning the race to expand its market share. Twitter's share has spiked in correlation with the company's acquisition by Tesla CEO Musk, who has already begun implementing several changes at the company, according to the findings.

Besides the Musk factor and promises to make a change, Twitter's growth can also be attributed to elements like changing the design.

In recent months, both platforms have recorded a fluctuation in the market share, with Twitter appearing to have the upper hand from a growth perspective amid ongoing internal administrative changes.

Interestingly, internal reports, also confirmed by Elon Musk, indicate that Twitter's daily user growth attained an all-time high during the first full week of Musk's tenure.

IANS