As the words on the street are, Twitter users may soon have to pay $20 per month for verification. The new owner of Twitter, Elon Musk, is reportedly seeking the social media platform’s first significant change, starting with its verification function, less than a week after taking over as “Chief Twit.”
Musk reportedly to quadruple monthly subscription fees on Twitter
The cost of Twitter Blue, a monthly subscription service that offers extra features at Twitter, will specifically quadruple under Musk’s leadership, rising from $4.99 to $19.99. Additionally, the new, more expensive subscription would need to confirm its subscribers. A recent report by The Verge claims that verified users will have 90 days to sign up for Twitter Blue before their subscription expires.
Musk’s employees are working at a fast pace as they were informed on Sunday that it would result in termination if they failed to complete the project by November 7th. According to reports, the CEO is pressuring his staff to lock Twitter’s desirable blue under a charge. The billionaire confirmed the verification procedure was already being “revamped” that very day.
On Sunday, American entrepreneur Jason Calacanis polled his followers on Twitter to find out if they want to pay to continue using the service. Musk called the poll “interesting” after the majority of respondents said they “wouldn’t pay.” Anthony Noto, a former COO of Twitter shared his thoughts on the matter by stating:
”None of these answers are high enough. People will pay $49/month & if they won’t they should not have been verified to begin with. Perhaps a better model is to charge a base verification fee then a per follower fee above a certain scale. Both ideas create many 2nd order benefits.”
As for the blue tick community, the co-founder of six companies suggested the social media platform to let the company’s premium service holders pay with Dogecoin (DOGE) earlier in April this year, as TheCoinRise reported.
Notably, Among the 18 co-investors in the agreement, including well-known crypto industry giants, Binance has contributed $500 million, before the acquisition of Twitter by Musk is finalized.