Twitter chief executive Elon Musk said on Friday that the social media platform will take a 10 per cent cut on content subscriptions after the first year, as the company looks to monetise content on the website in a bid to diversify its revenue sources.
Earlier this month, billionaire owner Mr Musk said users of the social media platform will be able to offer their followers subscriptions to content, including long-form text and hours-long video.
He had also said that the company will not take a cut for the first 12 months on content subscriptions.
Mr Musk has been bringing in changes at Twitter to boost revenue after the platform saw advertising income drop last year in the run up to his $44 billion acquisition that closed in October.
He added that the company's cut from subscriptions on iOS and Android platforms will drop to 15 per cent in the second year from 30 per cent in the first.
Meanwhile, Twitter co-founder Jack Dorsey — once a supporter of Mr Musk’s acquisition of the site — is now offering sharp criticism of the new owner and his handling of the deal, Bloomberg reported.
Asked if Mr Musk has proven himself to be the best possible steward for the platform, Mr Dorsey said, “No. Nor do I think he acted right after realising his timing was bad. Nor do I think the board should have forced the sale.”
After stock markets turned shortly following his offer to buy Twitter a year ago, Mr Musk sought to withdraw from the deal. That prompted a legal battle between the company and the billionaire, before the acquisition was completed at its original offer price.
“It all went south,” Mr Dorsey wrote on Bluesky, the invite-only Twitter alternative that he’s backing.
Mr Dorsey, who was friendly with Mr Musk for years and suggested he get involved with Twitter, was previously publicly in favour of the deal.
Last year, he called Mr Musk as owner of Twitter “the singular solution I trust”.
On Friday, one Bluesky user said it was pretty sad how it all went down, to which Mr Dorsey replied “yes.” But Twitter “would have never survived as a public company”, he added in another post.
“Would you rather have had it owned by hedge funds and Wall Street activists? That was the only alternative.”
Under Mr Musk, who took over in late October, Twitter cut a majority of its staff and endured a number of public crises, including over its plan for verifying users.
Mr Musk has been pitching a subscription service for Twitter in which users can obtain a blue check mark for $8 a month.
“Payment as proof of human is a trap and I’m not aligned with that at all,” Mr Dorsey said on Bluesky. “The payment systems being used for that proof exclude millions if not billions of people.”
Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
UAE currency: the story behind the money in your pockets
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
More on Quran memorisation:
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
MATCH INFO
Champions League last 16, first leg
Tottenham v RB Leipzig, Wednesday, midnight (UAE)
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
PREMIER LEAGUE FIXTURES
All times UAE ( 4 GMT)
Saturday
West Ham United v Tottenham Hotspur (3.30pm)
Burnley v Huddersfield Town (7pm)
Everton v Bournemouth (7pm)
Manchester City v Crystal Palace (7pm)
Southampton v Manchester United (7pm)
Stoke City v Chelsea (7pm)
Swansea City v Watford (7pm)
Leicester City v Liverpool (8.30pm)
Sunday
Brighton and Hove Albion v Newcastle United (7pm)
Monday
Arsenal v West Bromwich Albion (11pm)
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
MORE ON TURKEY'S SYRIA OFFENCE
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
More coverage from the Future Forum
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
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