Elon Musk, Twitter’s new owner, is said to be considering placing the entire platform behind a paywall in order to make more revenue.
Musk has amassed over $92 billion (£79 billion) in fortune this year as a result of his purchase of Twitter, which he is now considering putting totally behind a paywall.
According to Bloomberg, shares of Musk’s other company, Tesla Inc., which accounts for the majority of his fortune, were trading as low as $186.75 (£161.83) on Tuesday.
The site reported the value decline is due to investors in the electric car company having worries following his acquisition of Twitter.
Musk, 51, is now worth $177 billion (£153 billion) as a result. His fortune peaked at $340 billion (£294 billion) last year, when Tesla’s stock hit a record high of $410 (£355). According to Bloomberg, his current net worth has had no effect on his status as the world’s richest person.
Musk finalised a $44 billion (£38 billion) deal to buy Twitter late last month. According to The Verge, Musk, who reportedly borrowed $12 billion (£10 billion) to fund the sale, has investigated alternative ways to generate cash for the company, including charging a monthly fee to most or all users.
According to a source familiar with the matter, the Tesla CEO and one of his advisers, venture capitalist David Sacks, have discussed the platform-wide paywall in recent meetings.
Musk let go of many of Twitter’s 7,500 employees this week, only days after acquiring the company.
– Cover Media