On Monday, shares of social media giant Bluesky took a dive following news of Twitter/X’s announcement that it would be ending blocks. The news was met with an almost immediate reaction from investors, sending Bluesky’s shares down 11%.
The announcement means that Twitter/X users will no longer be able to block other users on the platform. That feature had been used as a way to protect users from harassment, trolling, and other unwelcome behavior. Critics of the change argue that it opens the door for a flood of online negativity and could be a detriment to user experience on the platform.
In the past, Bluesky has been one of the more popular options for users as a way to protect themselves from harassment and trolling. Now, with this new announcement, it’s likely that many of those same users will be switching to other platforms in search of this level of protection. This would be a major blow to Bluesky’s market share and could have serious impacts on their business as well.
The announcement has thrust Bluesky into the media spotlight, and many experts are questioning whether or not this move will be a good thing for the company and its shareholders. The next few weeks and months will be crucial in determining how things will play out for Bluesky.
For now, investors appear to be spooked by the news and Bluesky’s shares are still down significantly from before the announcement. Some analysts are predicting that the stock could dip further in the near future as uncertainty surrounding the announcement continues to linger.
Only time will tell if this move ultimately has a positive or negative effect on Bluesky’s bottom line. Until then, investors will have to wait and see how things pan out for the social media giant.
