Twitter new owner to crack down on executive and board pay, and develop new tools to monetize tweets
IT News Nigeria:
Reports have it that Twitter’s billionaire owner Elon Musk has promised the banks which helped fund his $44 billion acquisition of the social media company that he’ll crack down on executive and board pay, and develop new tools to monetize tweets.
The SpaceX founder revealed noted that Twitter’s gross margin is much lower than that of peers such as Meta’s Facebook or Pinterest, three people familiar with the matter were quoted as saying by Reuters.
Elon Musk reportedly wants to charge for tweet embeds as he has floated the idea of charging users to embed or quote tweets from verified accounts, but that wouldn’t stop anyone from simply screenshotting a tweet and using that instead. In addition, Musk has mentioned other ways of improving Twitter’s bottom line but hasn’t made firm commitments on those as yet. He has suggested making changes to the Twitter Blue service to make it more appealing to potential subscribers.
Musk has publicly mused about getting rid of salaries for board directors, which would save the company around $3 million per year. Twitter’s potential new owner is also said to have plans to replace CEO Parag Agrawal, who took the reins from Jack Dorsey in November.