Elon Musk, the CEO of Twitter, announced on Friday that after the first year, the social media network will take a 10% share of all content subscription fees as it seeks to monetize content online and diversify its revenue streams.
Earlier this month, social media platform users will be able to offer their followers subscriptions to material. Which includes long-form text and hours-long video, according to billionaire owner Mr. Musk. Additionally, he had stated that the business would not deduct any money from the first year of content subscriptions.
In order to increase revenue, Mr. Musk has made changes at Twitter after the social media network’s advertising income declined in the year prior to his $44 billion acquisition, which concluded in October. The company plans to reduce its share of revenue from iOS and Android subscriptions from 30% to 15% in the second year.
Twitter co-founder Jack Dorsey, who originally backed Mr. Musk’s purchase of the website. He is now harshly criticising the new owner and how he handled the deal, according to Bloomberg.
A year ago, Mr. Musk tried to back out of the agreement after the stock markets declined shortly after his offer to purchase Twitter. The result was a legal dispute between the company and the billionaire. It had to be resolved in order for the acquisition to go through at the initial offer price.
The invite-only Twitter alternative that Mr. Dorsey is supporting posted, “It all went south,” on Bluesky. Mr. Dorsey, who has known Mr. Musk for years and encouraged him to join Twitter. He has previously expressed support for the merger in public. He referred to Mr. Musk as “the one and only solution I trust” when he owned Twitter last year.
One Bluesky user commented on Friday that it was quite sad how everything turned out, to which Mr. Dorsey responded, “Yes.” In contrast, he continued in another post, “Twitter would have never survived as a public company.”
Would you have preferred that Wall Street activists and hedge funders own it? There was no other option but that.
For $8 per month, Mr. Musk has been promoting a subscription service for Twitter. It would grant users a blue checkmark. Mr. Dorsey stated on Bluesky that “payment as proof of human is a trap and I’m not aligned with that at all.” “The payment systems being used for that proof exclude millions, if not billions, of people.”
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