Citizen journalism will undermine the oligopoly of traditional media. The blue tick fee by Elon Musk has drawn criticism. A number of sponsors have stopped working with Twitter.

Elon Musk, the CEO of Twitter, criticised the 'media elite' and predicted that the 'oligopoly on information' held by the traditional media will be broken by growing competition from citizen journalism. Musk tweeted a few times on Friday about the state of media today.

In the first, he discussed Twitter's goal of advancing citizen journalism and stated, 'As Twitter pursues the goal of advancing citizen journalism, media elite will attempt everything to prevent it from happening.'

In a later tweet, he said that while 'mainstream media will still thrive, but increasing competition from citizens will push them to be more accurate, as their oligopoly on information is broken.'

In essence, it appears that the internet entrepreneur was trying to imply that since citizen journalism has become more prevalent recently thanks to social media platforms, mainstream media now needs to evaluate the information's accuracy more than ever.

The richest man in the world has made a flurry of decisions that will affect how Twitter operates and has millions of daily active users. This has all happened since he closed the deal to purchase Twitter.

The addition of the new $7.99 (approximately Rs. 650) per month Blue subscription is one of the biggest changes that Twitter is currently experiencing. However, many people did not agree with Musk's choice to enact the blue tick fee. Even some advertisers withdrew their leg from the website. In the days following its acquisition, Twitter was also abandoned by famous people like Whoopi Goldberg and Gigi Hadid.

In other news, it has been reported that Twitter reinstated the 'official' badge to some accounts on Friday, just days after removing it. However, several users claimed the new subscription option for the blue verification check mark had vanished.