After purchasing the social media platform, Twitter, Elon Musk has listed several changes which he will be incorporating. To begin, he will start charging a slight fee for commercial and government users.
In a tweet, he wrote, “Twitter will always be free for casual users, but maybe a slight cost for commercial/government users.” He further added, “Some revenue is better than none.”
This suggestion comes after several British MPs invited Musk to discuss his proposals for the social media platform elaborately before a parliamentary committee.
Musk had bought Twitter for $44 billion. Out of that, $21 billion will be his own money, $12.5 billion will be borrowed against his shareholding in Tesla while the rest will be taken as loans from banks.
An estimate of 1 billion in interest costs attached to the funding has raised speculation that by introducing such charges on the platform, Musk will cut costs in order to make the transaction financially viable.
As for the changes which Elon Musk could bring to the social media platform, these would include making algorithms available to the public, defeating spambots, and “authenticating” all humans.
According to Reuters, it was recently reported that Musk is currently in interaction with banks and has mentioned that he would introduce new ways to monetize tweets and then crack down on executive pay to cut costs at the platform.
He also mentioned that he plans to develop new features to grow business revenue, which will include new ways to make money by posting tweets that would contain important information or if they go viral.