Elon Musk’s recent takeover of Twitter has sparked controversy and scrutiny, with the billionaire firing the entire board of directors, gaining unrestricted control over the social media platform. Musk is rumored to be considering changes to Twitter’s content restrictions to promote free speech, along with plans to introduce a fee for blue tick verification.
The US Securities and Exchange Commission confirmed the removal of nine directors, including former board chairman Bret Taylor and former CEO Parag Agrawal. Simultaneously, discussions about potential layoffs affecting 25% of Twitter’s staff have reportedly begun.
One of the contentious reforms under consideration is the introduction of a fee for blue ticks (verified accounts). Venture capitalist Jason Calacanis, associated with Musk, conducted a Twitter poll about users’ willingness to pay for verification. The majority, 81.7%, stated they “Wouldn’t pay,” while only a small percentage was open to paying $5, $10, or $15 per month.
Musk is also contemplating raising the price of Twitter Blue from $5 to $20 per month, with a 90-day window for verified users to subscribe or risk losing their blue tick. This potential move has led to backlash from users, including high-profile celebrities like author Stephen King, who expressed strong opposition to the idea and threatened to leave the platform.
Additionally, concerns have arisen about national security issues following Prince Alwaleed bin Talal of Saudi Arabia becoming Twitter’s second-largest shareholder on the same day Musk acquired the platform. US Senator Chris Murphy has called for a review by the Committee on Foreign Investment in the United States (CFIUS) due to potential national security implications of Saudi Arabia’s significant ownership stake in a major social media platform.
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