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Musk is undeniably just trying to run twitter into the ground at this point.
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If your only goal is to reduce bots, then yes it should be successful. However, this limits the amount of time people can spend on the app. Which is the antithesis of what a successful social media platform wants to do and what ad agencies what to do.
Ultimately if he sticks with this it's going to be a death blow for the platform.