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Elon Musk Suggests He Will Charge All X/Twitter Users a Fee to Be on the Platform (variety.com)

submitted 1 year ago by [email protected] to c/[email protected]

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I'm not sure if this is technically Technology news, but I can remove this post if it's in the wrong community

Archive link: http://archive.today/3XM6s

Musk brought up the idea of charging all users of X/Twitter during a wide-ranging conversation focused on AI that featured Israeli Prime Minister Benjamin Netanyahu on Monday. “[We’re] moving to a small monthly payment for use of the X system,” Musk told Netanyahu, claiming that it is the only way to eliminate the problem of bots, as reported by Bloomberg’s Dave Lee.

Musk didn’t mention timing of his plan to charge X/Twitter users, nor did he say how much it would cost.

Musk, who also is CEO of Tesla and SpaceX, has said X/Twitter ad sales have plunged 50% since he bought the company. “We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load,” Musk posted on July 15.

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[–] [email protected] 1 points 1 year ago* (last edited 1 year ago)

Twitter was profitable in the years before covid. They made a net income of $1.2 billion in 2018.

They made a slight (compared to their revenue) loss during the pandemic, presumably because advertisers generally were willing to spend less, but they were still earning more than enough - simply cut a few costs and they'd be profitable again. Or just wait for the market to improve since from the sounds of it they had more than enough savings to ride it out (that appeared to be their plan).

They didn't sell to Musk because they were desperate, they sold to Musk because he signed a contract guaranteeing he would pay far more than the company was worth. If I owned a house that was worth a million dollars, and someone offered me ten million, hell yeah would I sell that house even if I wasn't really interested in selling.