Twitter undergoes large-scale job cuts and introduces paid user profiles – Musk's latest moves
Twitter in Turmoil: Layoffs on the Horizon and Paid Verification Stepping In
Hey there! It's time to tune in as Elon Musk, the new "Chief Twit," shakes up social media giant Twitter. Rumors of mass layoffs and paid verification accounts are causing quite a stir. Let's dive into the details!
Musk's acquisiton of Twitter for a whopping $44 billion has kicked off significant changes at the company. Reports suggest that the workforce could see a 50% reduction in a bid to cut costs. The new boss already made his mark by booting out the previous CEO, Parag Agrawal, along with other top execs. Prior to the acquisition, whispers about massive job cuts had been circulating. Potential investors were apparently informed that Musk aimed to slash 75% of the workforce, equivalent to around 7,500 employees as of late 2021. Yet, Musk later denied that the cuts would be that extensive. Nevertheless, he's been hinting at job cuts for weeks, tweeting his intention to focus on the core areas of "software engineering, server operations, and design."
Starting Friday, approximately 3,700 employees may receive termination notices. The remaining staff will be called back to the office, putting an end to Twitter's remote work policy. Musk and his team of advisors have discussed various scenarios for the job cuts, with one option involving a severance package equivalent to 60 days' pay.
It's Time to Pay For Your Verified Account?
Musk also announced on Monday that Twitter's verified accounts will soon come with a price tag of $8 per month. Users currently enjoying a blue checkmark will have a grace period before they're required to pay up or risk losing their coveted verification badge. The criteria for verification have always sparked debate, with transparency a major concern. Critics argue that Musk's move may compromise the main purpose of the verification badge, which is to ensure account authenticity.
However, Musk seems undeterred by the criticism, defending his plans on Twitter by saying, "To all the complainers, please continue to complain, but it'll cost $8."
That's the latest on the Twitter front. Stay tuned for more updates as the situation unfolds! Need a break? Check out some interesting insights about Musk's plans for monetizing verified status on Twitter.
Elon Musk's approach to monetizing verified status on Twitter, also known as X, has transformed since he took ownership of the platform in 2022. Initially, Musk replaced the traditional verification process, introducing a subscription service called Twitter Blue that offered blue check marks as part of a broader set of features. However, this approach was met with criticism for potentially enabling impersonation and misinformation, as anyone could purchase a blue checkmark without providing proof of identity.
As of now, there's no word on how Musk intends to further monetize the verified status beyond the existing subscription model. The EU has voiced concerns over the blue checkmarks, calling them deceptive, but Musk dismissed these concerns as false information[1][2]. In recent updates, Musk has emphasized enforcing rules to distinguish between parody accounts and real ones by requiring clear labels and distinctive visuals to avoid confusion[2]. Reports also suggest that Musk may replace direct messages with a new proprietary chat platform, but this does not directly relate to monetizing verified status[3].
Overall, Musk's strategy for verified accounts revolves around a paid model without traditional verification checks, relying on user-purchased badges rather than verifying accounts. But remember, these are just tidbits! The main event is Musk's impact on Twitter, and that's what we're here to keep you updated on. Until next time!
- Among the significant changes Elon Musk, the new CEO of Twitter, is bringing is the potential introduction of paid verification accounts for a monthly fee of $8.
- Rumors of job cuts continue to swirl around Twitter after Musk hinted at focusing on key areas like software engineering, server operations, and design, which could lead to a reduction in the workforce.
- As early as Friday, approximately 3,700 employees may receive termination notices, and the remaining staff will be expected to return to the office, ending Twitter's remote work policy.
- Despite the criticism and concerns over the veracity of the blue checkmarks, Elon Musk has remained firm in his plans to monetize technology-related products like verified accounts, focusing on user-purchased badges instead of traditional verification checks.
