Elon Musk doesn't officially own Twitter yet, but he's already eying some changes.
Days after Twitter reached a deal with the Tesla CEO for him to buy the social media company, Reuters reports Musk has told banks he's looking to "develop new ways to monetize tweets."
According to the report, Musk says he's, in particular, looking to introduce "new ways to make money out of tweets that contain important information or go viral," with one idea being to charge websites a fee if they want to quote or embed tweets from verified accounts.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Musk has also reportedly said he has lined up a person to be the next CEO of the company but has declined to reveal who it is. Twitter's current CEO, Parag Agrawal, succeeded Jack Dorsey in November 2021 and is reportedly expected to stay on until Musk's purchase is completed.
The news comes after Securities and Exchange Commission filings revealed Musk, who will be purchasing Twitter for $44 billion, sold Tesla stock worth over $8 billion this week. He said he has "no further" plans to sell any more shares.
Musk previously said he planned to cut the salary of Twitter board members to $0 to save $3 million a year should his purchase go through, and according to Bloomberg, while speaking to bankers, he "floated the idea of cutting both costs and jobs."
-
Supreme Court allows social media age check lawSpeed Read The court refused to intervene in a decision that affirmed a Mississippi law requiring social media users to verify their ages
-
What's Linda Yaccarino's legacy? And what's next for X?Today's Big Question An 'uncertain future' in the age of TikTok
-
Nvidia hits $4 trillion milestoneSpeed Read The success of the chipmaker has been buoyed by demand for artificial intelligence
-
X CEO Yaccarino quits after two yearsSpeed Read Elon Musk hired Linda Yaccarino to run X in 2023
-
Musk chatbot Grok praises Hitler on XSpeed Read Grok made antisemitic comments and referred to itself as 'MechaHitler'
-
Another Starship blast sets back Musk's Mars hopesSpeed Read Nobody was killed in the explosion, which occurred in south Texas
-
Disney, Universal sue AI firm over 'plagiarism'Speed Read The studios say that Midjourney copied characters from their most famous franchises
-
What Elon Musk's Grok AI controversy reveals about chatbotsIn the Spotlight The spread of misinformation is a reminder of how imperfect chatbots really are
