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Published: November 15, 2022
Author: Fashion Value Chain

Following Twitter’s acquisition by Elon Musk, the richest man in the world, Kering’s Balenciaga brand has formally left the social media network. The well-known luxury brand announced the departure but hasn’t explained why, even though it’s been leaving the site in recent weeks and months. It is, however, the first well-known fashion name to depart.

This year, Elon Musk made headlines by making a bid for Twitter, trying to back out of the deal, and finally purchasing it in late October for $44 billion.

Major change was sparked by his presence, and many users are now worried about the direction Twitter is going.

Along with eliminating a large portion of the management team and cutting positions by up to half, Musk’s attitude on free speech has sparked worries that Twitter may be less likely to crack down on hate speech.

Due to their concern that their companies would be associated with such hate speech, extremist material, or other fake news, prominent advertisers paused their advertising on the site. Campaigns for brands like Chipotle, United Airlines, Pfizer, Audi, and General Motors have been put on hold.

Additionally, the coveted blue check mark verification, which can be seen on the official accounts of well-known figures like politicians, celebrities, and some corporations, has been changed to a paid option. Users can now pay $7.99 per month to join the verified ranks.

Its value as a tool to identify official accounts vanished almost immediately as a result of the proliferation of bogus accounts that impersonated well-known figures and disseminated misinformation.

It also resulted in the immediate suspension of the entire blue tick system, which was later replaced with a grey label for “government accounts, commercial enterprises, business partners, significant media outlets, publishers, and some public figures.”

That hasn’t lessened the sense of chaos at the company, and Musk reportedly issued a warning that Twitter may file for bankruptcy if it doesn’t start making money.

Balenciaga’s decisions are not shocking given everything that has occurred over the past few weeks, and it appears likely that other well-known fashion houses will do the same.

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