X, the once Twitter, is now moving towards becoming a paid site. CEO Elon Musk announced on Monday that the company will soon require a small monthly payment for its use, according to TechCrunch. Musk explained that this decision was made to combat the increasing number of bots on the platform. He believes that even if bots have to pay a few dollars, their effective cost is still very high. Musk also mentioned that since he acquired the platform, ad revenue has dropped by 50%, resulting in negative cash flow, as reported by Variety.
Musk stated that X currently has 550 million monthly users who generate between 100 to 200 million posts per day. However, it is uncertain whether this count includes bots, according to TechCrunch. Currently, the site offers the X Premium Service for $8 per month, formerly known as Twitter Blue, but analysts believe that only a small portion of users have subscribed to this service.
Musk made these statements during a conversation with Israeli Prime Minister Benjamin Netanyahu, who recently visited the San Francisco Bay Area, as reported by the AP. The two individuals also discussed topics like artificial intelligence and antisemitism, with Netanyahu urging Musk to take action against hate speech. Earlier this month, Musk threatened to sue the Anti-Defamation League, as he blamed the organization for the decline in ad revenue for the platform. (Read more Twitter stories.)
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