As he starts his first week as Twitter’s owner, billionaire Elon Musk is already proposing significant changes to the social media company.
How much would people be willing to pay for the blue check mark that Twitter has previously used to verify higher-profile accounts so that other users know it’s really them? was the question posed in a survey that a venture capitalist working with Musk tweeted.
The verified account of Musk responded, “Interesting.
Critics have mocked the mark, frequently given to journalists, politicians, businessmen, and celebrities as an elite status symbol.
However, Twitter also employs the blue check mark as an additional weapon to combat misinformation originating from accounts that are impersonating individuals by validating activists, people who unexpectedly find themselves in the news, as well as obscure journalists at small magazines throughout the world.
In response to a user’s request for assistance in becoming verified, Musk tweeted on Sunday, “The entire verification procedure is being redone right now.”
In order to help lead the San Francisco-based company’s change, which is likely to involve a reorganisation of its personnel, Musk has invited a group of investors and friends from the tech community. CEO Parag Agrawal and other key executives were sacked by Musk last week. It has been unclear whether or when he might start making more significant layoffs.
Those who have revealed they are helping Musk include Sriram Krishnan, a partner at venture capital firm Andreessen Horowitz, which pledged back in the spring to chip in to Musk’s plan to buy the company and take it private.
The startup is “hugely significant and can have big impact on the globe, and Elon is the one to make it happen,” tweeted Krishnan, a former Twitter product leader.
” Jason Calacanis, the venture capitalist who tweeted the poll about whether users would pay for verification, said over the weekend he is “hanging out at Twitter a bit and simply trying to be as helpful as possible during the transition. ”
The team “has a very extensive plan to limit the amount (and visibility of) bots, spammers, & negative actors on the network,” according to Calacanis.
” Additionally, he polled Twitter users to find out if they would spend $5 to $15 to “be verified & earn a blue check mark” on the platform. Because Twitter relies on advertising for funding, the majority of users can currently use it for free.
Musk agreed to buy Twitter for $44 billion in April, but the transaction wasn’t finalised until Thursday night after attempts to back out resulted in a drawn-out legal battle with the company.
Currently, Musk’s attorneys are requesting that the Delaware Chancery Court dismiss the case, according to a court document that was made public on Monday. If they didn’t reach an agreement by the end of last week, the two parties were scheduled to go to trial in November.
Since the beginning of the year, Musk has made a number of statements about how to improve Twitter, but it is yet unknown which suggestions he will give priority to.
He has promised to cut back some of Twitter’s content restrictions to promote free speech, but said Friday that no major decisions on content or reinstating of banned accounts will be made until a “content moderation council” with diverse viewpoints is put in place. Later, he added a caveat to that statement by tweeting, “Anyone suspended for minor & questionable reasons will be released from Twitter jail.
The CEO of a cryptocurrency exchange that contributed $500 million to Musk’s acquisition of Twitter said he supported the deal for a number of reasons, including the potential for Musk to turn Twitter into a company that supports cryptocurrencies and the idea of Web3, which many cryptocurrency enthusiasts believe will usher in the next generation of the internet.
Binance CEO Changpeng Zhao stated to CNBC on Monday, “We want to make sure that cryptocurrency has a seat at the table when it comes to free speech. Additionally, there are more tactical issues, such as our desire to assist Twitter in integrating with Web3 whenever it is prepared.
He claimed that several of Musk’s current problems, like the idea to charge a premium membership fee for additional people, might be resolved with the help of cryptocurrencies.
Cryptocurrency may be used as a form of payment to accomplish that extremely easily and worldwide, he said.
Musk conducts a trial run of sponsored Twitter account verification.
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