Elon Musk has suggested that X, the social network formerly known as Twitter, should transition to a subscription-based platform. During a conversation with Israeli Prime Minister Benjamin Netanyahu, Musk stated that implementing a small monthly payment for the use of X would be the solution to eliminate bot-related issues.
While Musk did not specify the timing or cost of the subscription model, he did mention that X currently has 550 million monthly active users who generate 100 million to 200 million posts daily.
This is not the first time Musk has discussed the possibility of making Twitter a subscription-based service. Musk, who serves as the CEO of Tesla and SpaceX in addition to his involvement with X, has previously noted a significant decrease in ad sales since acquiring the company. Musk described the current financial situation as “negative cash flow” due to the decline in advertising revenue and high debt load.
X currently offers a subscription program called X Blue, which was previously known as Twitter Blue. Subscribers to X Blue receive various benefits, including verified check-mark status, the ability to edit posts within a one-hour window, a reduction in ads 50%, prioritized rankings of their posts, the ability to post longer content, and the opportunity to upload larger videos. Blue subscribers will also be eligible to receive a portion of advertising revenue.
Musk’s involvement with Twitter has been eventful. After overseeing the $44 billion acquisition of the company, he dismissed the senior management team and assumed the role of CEO. Musk then implemented widespread layoffs, reducing the workforce approximately 80%. Despite hiring Linda Yaccarino as CEO earlier this year, Musk remains in control of X and has expressed his intention to continue leading the company’s product and technology teams.
Sources: Bloomberg, Platformer