November 1 (Reuters) – New chief Elon Musk said Tuesday that Twitter will charge $8 a month for its blue service, which includes the required “verify” badge, as it seeks to increase subscriptions and reduce the social network’s adoption. on ads.
“The current lords and peasants Twitter system for who has or doesn’t have a blue tick is bullshit. Power to the people! Blue for $8 a month,” Musk said in a tweet, adding that the price would be adjusted to “state proportional to PPP.”
A blue check mark next to the person’s username on the social media platform means that Twitter has confirmed that the account belongs to the person or company claiming it. Twitter is currently free for most users.
Billionaire Musk bought Twitter for $44 billion last week.
Since the acquisition, he has moved quickly to put his stamp on the company, dismissing its former chairman and other senior officials.
Sarah Personnet, Twitter’s director of advertising, tweeted on Tuesday that she had resigned from her position last week, adding to the uncertainty for advertisers.
On Tuesday, Musk said subscribers with blue checkmarks will get priority in replies, mentions, and search and will be able to post longer videos and audios. They will see half of the ads.
He also offered subscribers to bypass the payment wall of “publishers wishing to work with us”.
Musk’s comments come on the heels of media reports that he was researching the profile verification process and how to give blue check marks. Twitter used to award these noteworthy profiles based on its own criteria.
More than 80% of Twitter users who took part in a recent survey said they wouldn’t pay for it check mark. About 10% said they would be willing to pay $5 a month.
Twitter already has a subscription service called Twitter Blue, which launched in June of last year and provides access to features like the option to edit tweets.
Amid speculation that Twitter may soon start charging approved users $20 per month for blue ticks, bestselling author Stephen King tweeted: “If this applies, I’ll go like Enron.”
Separately, S&P Global Ratings lowered Twitter’s rating to B- on a “significant” debt buildup following the acquisition.
Additional reporting by Yuvraj Malik in Bengaluru; Additional reporting by Sayantani Ghosh in San Francisco; Editing by Anil de Silva and Matthew Lewis
Our criteria: Thomson Reuters Trust Principles.
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