Billionaire Elon Musk, a successful businessman who runs Tesla and Space X, recently bought Twitter for $44 billion deal. This week, he announced that the social network will have a “premium” service that will cost $8 (at least in the United States) and give users access to account authentication and priority in other people’s feeds. Even though the business owner says this will improve the experience and make the network more “free” and “fair,” there are several problems with this idea that are easy to see.
First, Musk says that this change will get rid of what he calls “the lords and peasants system” that Twitter uses right now. At the moment, public figures and some content creators can verify and authenticate their account, which makes them more important in the community. But now anyone can get this verification, which raises questions about the platform’s credibility. If anyone can get that little blue check mark, what’s stopping them from sharing fake news that looks more trustworthy?
Musk has also said that the platform should have different ways of talking about things, with a focus on “freedom of expression.” One of his first moves was to reactivate the account of Kanye West, a rapper who has recently posted several anti-Semitic messages. West has shown disdain for the ability to limit and cancel accounts, which could lead to the network being flooded with fake news and speeches like West’s. He did say that there would be rules, but it is not yet clear how they will work or how they will focus on fighting this type of problem. On the other hand, if the payment system is integrated, it creates another divide and makes it harder for people who can’t pay for the premium system to talk.
The entrepreneur’s ideas don’t make sense, and instead of creating what he thinks will be a revolutionary social network, they could turn people away. Author Stephen King said that if a payment system was added, he would stop using the network. Elon Musk tried to convince him to stay with a lower price, but King said that the problem wasn’t the money but the principle.
Why is Elon Musk doing this?
Several news sources say that adding a payment system to Twitter could be a way for Elon Musk to try to save the company, which is having a hard time right now. If the payment system is used, it could bring in new money equal to between 4 and 5% of what advertisers bring in.
Overall, Twitter has been losing money from advertisers and hasn’t made as much money as it did in the past, so it needs a new plan. We can only wait and see if Musk’s ideas will work, but so far it looks like you should turn around and go to a different network.
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