Twitter‘s new boss Elon Musk recently took over the much-popular microblogging site Twitter for $44 billion, which was funded by several banks. As per a report by Reuters, three people familiar with the entire deal have revealed that Musk told these banks that he is planning to introduce new ways to monetise tweets. Going by the report, Musk aims to make money out of tweets that contain important information and have the potential to go viral. Also Read - Elon Musk threatened Tesla employees to work from office. Now office doesn't have enough seats.
Elon Musk to monetise tweets: Here’s how
In his pitch to the lenders for the Twitter buyout, Elon Musk also revealed that they might soon start charging fees from third-party websites when they want to quote or embed a tweed from verified individuals or organisations. Also Read - Twitter’s closed captions feature arrives on Android, iOS: How to use it
Elon Musk also shared a thread of the tweets, now deleted, revealing how he might change the Twitter Blue subscription service. These ideas included making it cheaper, banning advertisements and adding an option to pay via cryptocurrency dogecoin. Also Read - This EV company has a message to Elon Musk
He further added that he wants to reduce Twitter’s dependence on ads for its revenue.
Before the deal was a success, Elon Musk had tweeted, “Board salary will be $0 if my bid succeeds, so that’s $3 million/year saved right there.” As per the report, he did mention the job cuts in his pitch to the banks. However, a source reveals that he cannot make decisions on job cuts until he assumes full ownership of Twitter which will be done by the end of this year.
A source also revealed that Musk has already lined up a new chief executive for Twitter. The source did not reveal the identity of this person.
Elon Musk took a loan of $13 billion for Twitter which was “too risky for some banks who decided to participate only in the margin loan” said the sources. The banks also opted out because of Musk’s “unpredictability that could result in an exodus of talent from Twitter, harming its business”.