Twitter’s new boss Elon Musk recently acquired the very popular microblogging site Twitter, which was funded by several banks, for $44 billion. according to a report by Reuters, three people familiar with the entire deal have revealed that Musk told these banks that he plans to introduce new ways to monetize tweets. According to the report, Musk aims to make money from tweets that contain important information and have the potential to go viral.
Elon Musk to Monetize Tweets: Here’s How
In his pitch to lenders for the Twitter buyout, Elon Musk also revealed that he may soon start charging third-party websites a fee when they want to quote or embed tweets from verified individuals or organizations.
Elon Musk also shared a thread of tweets, which have now been deleted, revealing how he may be replacing the Twitter Blue subscription service. These ideas included making it cheaper, banning ads, and adding the option to pay via the cryptocurrency Dogecoin.
He further said that he wants to reduce Twitter’s dependence on ads for its revenue.
Before the deal was successful, Elon Musk had tweeted, “If my bid is successful the board’s salary will be $0, so that’s $3 million/year left there.” Reportedly, he mentioned job cuts in his pitch to the banks. However, a source revealed that he cannot take a decision 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 named a new chief executive officer for Twitter. The source did not disclose the identity of this person.
Elon Musk took a $13 billion loan for Twitter that was “too risky for some banks that decided to participate in margin lending only,” the sources said. Banks also opted out because of Musk’s “unpredictability that could result in a talent drain from Twitter, hurting its business”.
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