Elon Musk has said the radical changes he has made at Twitter are aimed at boosting user experience and diversifying the platform’s revenue sources. AP
Elon Musk has said the radical changes he has made at Twitter are aimed at boosting user experience and diversifying the platform’s revenue sources. AP
Elon Musk has said the radical changes he has made at Twitter are aimed at boosting user experience and diversifying the platform’s revenue sources. AP
Elon Musk has said the radical changes he has made at Twitter are aimed at boosting user experience and diversifying the platform’s revenue sources. AP

Fifteen ways Elon Musk has changed Twitter, now X, since taking over


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Another day and another tweet from Elon Musk, announcing yet another major change for the microblogging platform.

Since his $44 billion acquisition of Twitter in October, the billionaire has been on a mission to revamp every aspect of the company, from technical features to consumer policies.

On July 1, he announced that Twitter would be temporarily limiting the number of tweets people can read in a day. On July 2, he followed that up with a Tweet encouraging users to “step away from the phone”.

The limits are at 10,000 posts a day for verified users, 1,000 posts a day for unverified users and 500 posts a day for new unverified users, Mr Musk said.

The social media platform now also requires users to have an account and be logged in to view user profiles and tweets, a move Mr Musk claims will prevent data from being “pillaged so much”.

Unregistered users who want to view a Twitter profile will be prompted to log in or sign up, while those attempting to view tweets will be greeted with the “Something went wrong. Try reloading” message, The National can confirm.

The moves are aimed at boosting user experience and diversifying the platform’s revenue sources, according to Mr Musk.

Twitter is roughly breaking even and would become cash-flow positive in the coming quarters as advertisers return, he told the BBC in April.

Here are some of the major changes announced since the change of management:

1. Twitter 2.0 The Everything App

In line with the industry shift towards “ultra apps”, which provide a number of services to retain users, Mr Musk announced plans for the Twitter 2.0 The Everything App in November, soon after his takeover.

As part of the revamp, Mr Musk said in May that video and voice calls were “coming soon” to the microblogging platform.

With the move, Twitter would take on other established apps that offer the same feature, most notably those from Meta Platforms, which include Facebook, Instagram and WhatsApp.

As part of the revamp, Twitter also said it was also moving forward with plans to introduce a payments feature, steering it towards Mr Musk's goal of tapping into new revenue streams, the Financial Times reported in January.

2. Paid subscription for blue tick

In December, Twitter relaunched Twitter Blue, the platform's top-tier account, which indicates that a user is verified, as a paid subscription service.

The premium feature’s fees start at $8 a month for individuals, with new joiners getting subscriber-only features including Edit Tweet, 1080p video uploads, reader mode, the coveted blue check mark and longer tweets.

The costs of keeping the ticks start at $1,000 a month for organisations, plus $50 monthly for each affiliate or employee account.

Twitter also recently boosted the character limit for its Blue subscribers to 25,000, from 10,000 earlier.

3. Two-factor authentication for Blue users

In February, Twitter said that it would charge its users to use two-factor authentication (2FA) to secure their accounts by text message.

Phone number-based 2FAs are being “used and abused by bad actors”, Twitter said in a blog post at the time.

4. Publishers allowed to charge users

The microblogging social platform said in April that it would allow publishers to charge users on a per article basis from May.

The move will enable users who do not sign up for a monthly subscription “to pay a higher per article price for when they want to read an occasional article”, Mr Musk said in a tweet at the time.

5. Twitter to take 10 per cent cut on content subscriptions

Twitter will take a 10 per cent cut on content subscriptions after the first year, Mr Musk said in late April.

This followed an announcement allowing users to be able to offer their followers subscriptions to content, including long-form text and hours-long video.

Mr Musk also said that the company would not take a cut for the first 12 months of content subscriptions.

6. Open source 'literally everything'

In April, Mr Musk said the social media company would make “literally everything” open source as part of his pledge to promote transparency on the platform.

The move is expected to allow the public to inspect and scrutinise the social media company's proprietary software, pitch their ideas to developers on how to change Twitter's code or even use the algorithm in their own applications.

7. Bans accounts linking to rival social media platforms

Last year, Twitter said it would remove the accounts of users who link to its rival platforms.

The list of rivals mentioned by Twitter included Facebook, Instagram, Mastodon, Truth Social, Tribel, Post and Nostr. TikTok was not included.

8. Restructuring staff with thousands of layoffs

Mr Musk cut thousands of jobs after acquiring Twitter last year, saying that it was losing $4 million a day and advertisers were fleeing the microblogging platform.

Twitter shed about 80 per cent of its employees since Mr Musk took over in October, CNBC reported in January, citing internal records it had seen.

9. Leadership changes

In June, Linda Yaccarino took over as Twitter's chief executive.

Previously the head of advertising at NBC Universal, Ms Yaccarino has been given the task of revitalising Twitter's revenue streams.

She replaced Mr Musk, who was asked by a majority of Twitter users to step down as chief executive in a poll he conducted in December.

Linda Yaccarino took over as Twitter's chief executive in June. Getty Images
Linda Yaccarino took over as Twitter's chief executive in June. Getty Images

10. Merger with X Corp

In April, Twitter was merged with Mr Musk’s firm X Corp.

In the past, he has indicated that acquiring Twitter would be an “accelerant” for creating X, an “everything app”.

He said he intended to make X similar to WeChat, China's most popular messaging service.

11. Move towards AI

In March, Mr Musk said the company would use artificial intelligence to curb manipulation of public opinion on the platform.

He was said to be in discussions with Igor Babuschkin, who left DeepMind AI, to lead a group of artificial intelligence researchers in the effort, The Information reported at the time.

  • Manitowoc Ice Machines & Beverage Dispensers. Photo: HGP Auction
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  • Rotisol Rotisserie. Photo: HGP Auction
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  • LA Marzocco Espresso Machines. Photo: HGP Auction
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  • Blodgett Stacked Ovens. Photo: HGP Auction
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  • Knoll “Task Chairs”. Photo: HGP Auction
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12. Rebrand as X

Twitter rebranded as X on July 24 after Mr Musk unveiled its new logo, a day after he said that the microblogging platform's bird would soon be replaced.

In the past, he had indicated that acquiring Twitter would be an “accelerant” for creating X, an “everything app”. He said he intended to make X similar to WeChat, China's most popular messaging service.

Of course, the logo change led to a spate of memes on Twitter, as users questioned the rationale behind replacing the bird.

13. An ad revenue sharing programme

X rolled out its advertisement revenue sharing programme with content creators on July 29, as Mr Musk sought to diversify revenue sources.

The company had already given payouts to a number of creators earlier in July. But with the announcement, users globally who meet the eligibility criteria can apply for the programme from the monetisation tab in the X's settings, the company had said.

The programme, first announced by Mr Musk in February, will let creators set up ad revenue sharing and creator subscriptions independently.

To be eligible, the account must be a subscriber to Blue Verified or be a Verified Organisation, have at least 15 million impressions on cumulative posts within the past three months or have at least 500 followers. They also must have an account with payment processor Stripe to receive payouts.

14. Fixing shadow banning

On August 17, Mr Musk said that shadow banning on X will be “fixed soon”, in an another apparent move to make good on his pledge to make the platform more transparent.

Shadow banning, in simple terms, is used to restrict or limit a user's activity and reach instead of outright banning them – all without informing the user. It is used as a content-moderating technique also known as ghost banning, stealth banning and comment ghosting.

Its use, therefore, is two-pronged: while it can be used to curb misinformation, hate speech and fake news, platforms can also use it to limit the visibility of users they deem to be critical or unfair to them – or, in extreme cases, even as a form of punishing them.

Mr Musk himself has been accused of using this technique. This week, X was reported to have delayed access to the websites of companies that have been critical of his companies, as well as social media rivals.

15. Dropping the block feature

On August 18, Mr Musk said that the “block” feature on X will soon no longer be available for users. “It will be deleted as a 'feature', except for DMs”, or direct messages, he said.

The block button is a critical component in applications, most notably in email and social media. It helps users remove unwanted posts and followers, including spam messages, trolls, users who harass and other content they deem inappropriate or offensive.

This has drawn fire from Twitter users: in an age where users and society have heightened sensitivities, the removal of the block feature will be a blow.

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

Scores:

Day 4

England 290 & 346
Sri Lanka 336 & 226-7 (target 301)

Sri Lanka require another 75 runs with three wickets remaining

North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Ahmed Raza

UAE cricket captain

Age: 31

Born: Sharjah

Role: Left-arm spinner

One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95

T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28

MATCH INFO

Manchester City 1 (Gundogan 56')

Shakhtar Donetsk 1 (Solomon 69')

As it stands in Pool A

1. Japan - Played 3, Won 3, Points 14

2. Ireland - Played 3, Won 2, Lost 1, Points 11

3. Scotland - Played 2, Won 1, Lost 1, Points 5

Remaining fixtures

Scotland v Russia – Wednesday, 11.15am

Ireland v Samoa – Saturday, 2.45pm

Japan v Scotland – Sunday, 2.45pm

What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

UAE currency: the story behind the money in your pockets
Updated: August 19, 2023, 8:14 AM