New Blue – Twitter Controversy
Just recently, we talked about Twitter’s recent valuation and what exactly caused it. The company has lost more than half of its value during the Musk era due to a vast number of controversies, ranging from layoffs to controversial opinions to terrible subscription models. The last one has been necessary simply because Twitter is a business, and they need money to survive. As advertisers have flocked to other platforms like TikTok, Twitter’s business model has been hit directly, which Elon Musk has said is one of the main causes for the controversial layoff and cost-cutting decisions.
Twitter can’t continue to do this, meaning another business strategy is necessary, and that has created another controversy. They are offering a revamped subscription program called “Twitter Blue”, which would remove legacy blue check marks for verified accounts starting on April 1st. It sounds like a great April Fool’s joke, but Twitter is not kidding as they have many changes that will be implemented. Now, users must purchase a subscription of $8 or $11 to be verified. Twitter Blue also comes with the ability to edit tweets, a feature that has been requested by users, and in Twitter’s algorithmic feed only verified accounts and accounts that verified users follow will be shown. Many have raised concerns about the possible rise in impersonation because the verified check marks were heralded as something reserved for those who are large personalities, and payment for checks removes any incentive for celebrities or influential people to bring value to the platform. Regardless, Twitter believes that they will be able to fight off impersonation well and provide users with what they want, and we’ll see if this new subscription model works the way it is intended to.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.