Mohit Oberoi
Ever since he acquired Twitter, Elon Musk has pushed for many changes at Twitter, the most recent being limiting the 2FA (two-factor authentication) to only paid verified accounts. Musk has meanwhile offered a workaround for users.
In a tweet, Musk said that “Use of free authentication apps for 2FA will remain free and are much more secure than SMS.”
Notably, Twitter now charges money for verified accounts. It charges $8 per month if the subscription is taken on the web. Users can also take an annual subscription for a discounted price of $84.
However, the annual plan is not available on the app stores. Also, Twitter charges $11 per month if the subscription is taken on Apple or Google app stores. The pricing is an apparent way of making up for the app store fees which Musk has criticized many times.
He also said that Apple was considering banning Twitter from the app store. However, after meeting with Apple CEO Tim Cook, he said that the iPhone maker never considered banning the microblogging site.
Such U-turns are not new for Musk who has frequently changed his position on many topics. Musk, for instance, termed Dogecoin a “hustle” at one point in time. The self-proclaimed “dogefather” also did not accept dogecoin as payment for Tesla cars despite a poll where the majority voted in favor.
Meanwhile, dog-themed cryptocurrencies like Dogecoin and Floki saw upwards price action after Musk tweeted the image of a dog working as Twitter CEO. You can also buy Dogecoin with PayPal.
Musk Has Been at Loggerheads with Media Since his Twitter Acquisition
Ever since he acquired Twitter, Musk has been at loggerheads with the media. Incidentally, the billionaire blocked the Twitter accounts of many journalists but soon restored them.
He first called out CNBC for a report on layoffs at Twitter. CNBC reported that Twitter now has 1,300 employees and less than 550 of these are engineers. Before Musk took over, Twitter had around 7,500 employees.
The report also added that nearly 130 employees from other Musk companies like Tesla and SpaceX are also working at Twitter.
Musk has meanwhile refuted the report and said that Twitter has 2,300 “active employees” and only 10 employees from his other companies are helping him to fix Twitter.
Now, he has said that media reports of Twitter spamming users with his tweets are not correct. The Tesla CEO tweeted, “Several major media sources incorrectly reported that my Tweets were boosted above normal levels earlier this week.”
He added, “We did have a bug that briefly caused replies to have the same prominence as primary Tweets, but that has now been fixed.”
Several Companies Stopped Advertising on Twitter after Musk Took Over
Several companies stopped advertising on Twitter after Musk took over. There have been multiple reports of rising hate on the social media platform after Musk eased the moderation rules.
He also restored several banned accounts, including that of former President Donald Trump. Trump meanwhile looks in no mood to rejoin Twitter and is instead focusing on his own social media platform, Truth Social.
Truth Social has announced a merger with a SPAC Digital World Acquisition (NYSE: DWAC). There is a guide on how to buy DWAC stock.
Coming back to Twitter, Musk has been trying to diversify its revenue base. Apart from the paid verification, it is also reportedly looking to charge $1,000 per month for gold-verified company accounts. The microblogging site also stopped free API access.
Simultaneously, Twitter has been cutting costs and has laid off many employees. The company has also closed some of its offices in a bid to lower costs.
Tesla Stock Has Recovered in 2023
Meanwhile, Tesla stock was also a casualty of Musk’s Twitter antics. The stock has however rebounded in 2023 and is the top S&P 500 gainer.
Tesla would hold its investor day on March 1. Many expect the company to announce a new lower-priced electric car at the event. Notably, Tesla has lowered its car prices in several countries in a bid to spur sales.
Tesla’s price cuts have spooked investors amid fears of a price war. Barring Tesla, other pure-play EV companies are anyways struggling with perennial losses and a price war would be the last thing that would want.
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This article was written for Business 2 Community by Mohit Oberoi.
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