As per sources, Elon Musk is planning to collect a premium when a third-party website wishes to cite or incorporate a tweet from verified users or groups in order to monetize tweets and generate revenue.
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Elon Musk, the billionaire owner of Twitter, is said to have told the banks that bankrolled his $44 billion purchase of the social media business that he will decrease executive and board pay and develop new mechanisms to monetize tweets.
According to three individuals acquainted with the incident, the SpaceX founder mentioned in his pitch to the banks that Twitter’s profit margin is substantially smaller than those of competitors such as Meta’s Facebook or Pinterest.
Musk is claimed to have stated that the corporation could be conducted more cost-effectively. He is rumored to be working on new services to boost business revenue, such as novel methods to monetize tweets that include essential information or become viral.
As per the sources, who sought confidentiality due to the delicacy of the topic, the billionaire is also considering collecting a premium when a third-party website wishes to cite or incorporate a tweet from verified users or groups.
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The Tesla billionaire bought Twitter for $44 billion on Monday, promising to turn it private and restore it to its origins as “the free speech wing of the free speech party.” The billionaire made his buyout attempt at $54.20 per share earlier this month, shortly after purchasing a 9.2 percent stake in Twitter on April 4. At the time, Twitter’s stock was trading for less than $40 per share.
Since Musk disclosed his acquisition ambitions, Twitter stocks have risen by more than 35%. They were trading above $52 per share on the day of the purchase, but have since dropped below $49 per share.