Business Essentials for Professionals


Twitter Will Change How It Verifies Users, According To Elon Musk

Twitter Will Change How It Verifies Users, According To Elon Musk
Just days after taking control of one of the most significant social media platforms in the world, Elon Musk announced in a tweet on Sunday that Twitter would change its user verification procedure.
Musk stated in a tweet that "the entire verification process is currently being revamped" without providing any additional information.
According to two people with knowledge of the situation, technology newsletter Platformer reported on Sunday that Twitter is thinking about charging for the coveted blue check mark confirming the identity of the account holder.
If the project is approved, users would have to pay $4.99 per month for Twitter Blue in order to keep their "verified" badges.
Although the project may still be shelved because the CEO of Tesla Inc. has not made a final decision, Platformer predicts that verification will most likely be included in Twitter Blue.
Separately, according to internal correspondence they obtained, The Verge reported on Sunday that Twitter will raise the monthly subscription fee for Twitter Blue, which also verifies users, from $4.99 to $19.99.
As the platform's first subscription service, Twitter Blue was introduced in June of last year. For a monthly subscription fee, it provides "exclusive access to premium features," including the ability to edit tweets.
After Musk asked his tens of millions of Twitter followers whether they wanted an edit button in April, the feature to edit tweets was also made available earlier this month. Yes votes totalled over 70%.
According to a separate Verge report on Sunday citing staff members with knowledge of the situation, Musk has also asked that logged-out users visiting Twitter's website be redirected to the Explore page, which displays trending tweets.
Musk, on the other hand, has denied a New York Times report about firing Twitter employees before November 1 in order to avoid stock grants that were due on that day.
Musk tweeted, in response to a Twitter user who inquired about the layoffs, "This is false."
According to a report in the New York Times on Saturday, Musk had mandated layoffs before Nov. 1, when workers were supposed to receive stock grants as part of their compensation. Musk also ordered job cuts across the company, with some teams to be reduced more than others.
According to the Times, who cited unnamed people with knowledge of the situation, the cuts could start as soon as this Saturday.
According to media reports on Saturday, Musk planned additional layoffs for this coming Saturday while he fired top executives to avoid sizable severance payments.
According to reports based on sources familiar with the situation, Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal, and Chief Legal Affairs and Policy Officer Vijaya Gadde after a high-profile $44 billion buyout of the social media platform was completed on Thursday.
He had claimed that they had misled him and Twitter's investors regarding the prevalence of fake accounts on the site. The executives had the potential to receive separation payouts totaling about $122 million, according to research firm Equilar.
The Information reported that Elon Musk fired four top Twitter executives, including Agrawal and Segal, "for cause," citing unnamed people with knowledge of the situation, apparently in an effort to avoid severance pay and unvested stock awards.
LightShed analyst Rich Greenfield claimed in a tweet on Saturday that Musk fired top Twitter executives "for cause," preventing the vesting of their unvested stock as part of a change in control.
According to Courtney Yu, director of research at Equilar, the fired executives "should be getting these (severance) payments unless Elon Musk had cause for termination, with cause in these cases typically being that they broke the law or violated company policy," she said on Friday.

Christopher J. Mitchell

Markets | Companies | M&A | Innovation | People | Management | Lifestyle | World | Misc