The latest big story in tech is the recent purchase of Twitter by billionaire hot shot Elon Musk. Now that the $45 billion transaction is complete, Elon is onto the next item on his checklist: making the company produce more money. According to Android Authority, Elon Musk is working on some radical methods to help Twitter cut costs and make more money overall.
Twitter is one of the biggest social media platforms in the world, but its profits aren’t all that high compared to other platforms. The company reported about $1.2 billion in revenue for Q1 of 2022. Thus, Elon is on the journey to make Twitter a more profitable company.
What is Musk going to do to make Twitter more money?
So, why is Elon Musk trying to squeeze more money out of Twitter? Well, that $45 billion didn’t exactly come out of Elon’s wallet. He had to get some major loans from banks to pull this off. Thus, he had to justify the loans and assure that Twitter was going to make back that money.
Thus, he’s going to need to make a lot of changes so that Twitter can boost that $1.2 billion into something more within the next couple of quarters.
Some of his potential plans leaked, and most of them sound a bit radical. Now, note that these are just plans and we don’t know if they will be put into action at the moment. Take these with a grain of salt.
For starters, he plans on cutting the salaries of some of the higher-ranking executives. That will, obviously, ruffle a few feathers if it happens. According to a report from Bloomberg, there may also be some full-on job cuts along with this.
This next way seems a bit comical. One money-making measure could involve monetizing high-profile tweets. If a tweet has a lot of engagement, it seems, the company could charge media sites a fee to embed or quote those tweets. Speaking of high-profile tweets, Musk could also encourage celebrities to tweet more.
The next change could involve Twitter Blue. This is the company’s subscription service. He could plan on lowering the price of $2.99/month, getting rid of the advertisements, and even allowing people to pay in cryptocurrency.
Now, there’s no guarantee that we’ll see these changes on the site, so only time will tell what happens. Regardless, the purchase has been made and Twitter needs to pay its way, so you can expect change to come in any capacity.