Elon Musk’s Monetization Plan For Twitter: Businesses, Govt Account Can Be Asked To Pay For Using Twitter
New Twitter owner Elon Musk might charge a “slight” fee for commercial and government users.
Charging Business/Govt Users
This is part of his plan to grow revenue as the company lags behind larger rivals like Facebook.
The website will “always” be free for casual users but commercial/ government users might have to pay a small fee.
Last week Musk told banks that he will come up with new ways to monetize tweets and slash executive and board pay in a bid to cut costs.
Other Ideas To Cut Costs And Monetize
The tweets which could be monetised are those that contain important information or go viral.
The salaries of Twitter’s board directors could be eliminated which could result in about $3 million in cost savings.
He pitched this to the lenders while trying to secure debt for the buyout days after submitting his offer to acquire Twitter on April 14.
The banks had to be convinced that Twitter produced enough cash flow to service the debt he sought.
Musk’s Vision For Twitter
It should be noted that his ideas for the site are according to his “vision” and are not firm commitments.
The plan he explained to the banks was lacking in detail.
Musk had started tweeting his suggestions since last month.
In tweets which are now deleted, he spoke about making changes to Twitter Blue premium subscription service, such as slashing its price, banning advertising and giving an option to pay in the cryptocurrency dogecoin.
After inking the buyout deal for $44 billion last week, Musk said that he wants to improve the platform with new features, make the algorithms open source to increase trust, defeat spam bots, and authenticate all humans.