Elon Musk said on Tuesday that Twitter Inc (TWTR.N) may charge a “slight” price for commercial and government users, as part of the billionaire entrepreneur’s effort to boost income, which has trailed behind larger rivals like as Meta Platforms Inc’s (FB.O) Facebook.
“Twitter will always be free for casual users,” Musk wrote in a tweet, “but there may be a modest penalty for commercial/government users.” In another tweet, he wrote, “Some revenue is better than none!”
Musk reportedly told banks last week that in order to save expenses at the social media platform firm, he would create new methods to monetize tweets and crack down on executive compensation.
According to media, Musk reportedly told the banks that he hoped to create features to boost corporate income, including new methods to profit from tweets that contain essential information or go viral.
Musk remarked at the Met Gala in New York on Monday that Twitter‘s reach is now “niche,” and that he wants a far larger percentage of the population to be on it.
Since last month, Musk, who is also the CEO of leading electric vehicle maker Tesla Inc (TSLA.O), has proposed a slew of modifications to Twitter.
Musk recommended reducing the price of the Twitter Blue premium membership service, prohibiting advertising, and allowing users to pay in the cryptocurrency dogecoin in tweets that were later removed.
Musk said he intended to improve the platform with new features, make the algorithms open source to build trust, combat spam bots, and verify all people after agreeing to acquire Twitter for $44 billion last week.