The entire verification method is currently being redesigned, Elon Musk tweeted on Sunday. Elon Musk has informed Twitter employees that if they do not design and launch a new authentication and subscription system by November 7th, they will be fired. Musk did not reveal any further details regarding the new system, although it is expected to cost $20 per month to join, with only those accounts that do so having their accounts confirmed.
The new “Chief Twit” of Twitter is now proposing to charge $19.99 for the new Twitter Blue subscription because he wants to return his costs as quickly as possible and may do so in a few years if his ideas work out. Verified users would have 90 days under the current structure to subscribe in order to preserve their blue checkmark. On Sunday, project workers were notified that failure to launch the feature by the deadline of November 7 would result in termination.
Others question if Elon Musk’s decision to charge $240 per month for the verification mark is reasonable. And does it make sense for ordinary people to spend that much money on a few extra features? Naturally, Elon would want the company to earn more revenue so that he can recoup his $44 billion investment. According to Twitter’s Q2 earnings report, the company makes approximately $1.2 billion each month, thus Musk anticipates making approximately $600 million per month through subscriptions. At the current price of $4.99 per month, more than half of Twitter’s active user population, or more than 120 million users, would have to sign up for Twitter Blue.
According to Twitter Blue’s subscription income figures, only the equivalent of 20k Twitter users have paid thus far, implying that the service is still a long way from its intended audience. However, if people are willing to pay, boosting the price may be a means to expedite the process. Elon is known as a taskmaster manager who expects his employees to perform. With his first Twitter directive, he appears to be aiming to set a precedent.
Because he has so much invested in Twitter, Musk is attempting to cash out and begin getting payments as soon as feasible. Even after the $44 billion acquisition, he removed Ned Segal, the chief financial officer, and Parag Agrawal, the CEO of Twitter who succeeded Jack Dorsey. At the time, both males were present in the premises and were taken out by security. Vijaya Gadde, the company’s director of policy, who Musk had publicly chastised, was also sacked. According to The New York Times, the general counsel, Sean Edgett, has also left. Personette, who tweeted about Musk’s takeover yesterday, received $11.2 million, while Agrawal received $38.7 million, Segal $25.4 million, Gadde $12.5 million, and Personette received $11.2 million.
The CEOs were lavishly compensated for their efforts. Musk made an initial bid to buy Twitter in April, but changed his mind and attempted to withdraw the offer in May. On October 4th, he had a second change of heart and reaffirmed his commitment to the original agreement in a letter to the Securities and Exchange Commission. Musk spoke with Twitter employees this week, and now that his $44 billion acquisition is complete, he is expected to speak with them on Friday.
Musk had numerous issues before to purchasing Twitter; the multibillionaire first declared his aspirations in April. He bought the company in October after another change of heart. Since he bought Twitter, Musk has been making people laugh with his funny tweets about what’s going on. Elon Musk referenced his purchase of Twitter today on Twitter, writing, “The bird is liberated.”