Twitter is working to introduce funds on the social media platform and has begun making use of for regulatory licenses, the Monetary Instances reported on Monday, citing individuals acquainted with the matter.
New boss Elon Musk is pushing Twitter to create new streams of income because it faces a drop in promoting revenue, following his $44 billion (roughly Rs. 3.6 lakh crore) takeover of the corporate in October.
The event of the funds characteristic is being led by Esther Crawford, a director of product administration at Twitter, in accordance with the report, which added that the manager was rising to be a key lieutenant to Musk.
Twitter didn’t instantly reply to a Reuters request for remark.
Musk had beforehand mentioned that the Twitter acquisition can be a part of a grasp plan to create “the every thing app”, a service that might provide social networking, peer-to-peer funds and e-commerce procuring.
Previous to Musk’s takeover, Twitter in early 2021 was exploring permitting its customers to obtain ideas, or digital funds, from their followers.
In the meantime, Twitter introduced final week that customers will be capable to attraction account suspensions and be evaluated underneath the social media platform’s new standards for reinstatement, beginning February 1.
Beneath the brand new standards, which observe billionaire Elon Musk’s buy of the corporate in October, Twitter accounts will solely be suspended for extreme or ongoing and repeat violations of the platform’s insurance policies.
Extreme coverage violations embody partaking in unlawful content material or exercise, inciting or threatening violence or hurt, and fascinating in focused harassment of different customers, amongst others.
Twitter mentioned that going ahead, it’s going to take much less extreme motion, compared to account suspension, corresponding to limiting the attain of tweets that violate its insurance policies or asking customers to take away tweets earlier than persevering with to make use of the account.
© Thomson Reuters 2023
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