Musk recommends subscription shake-up for Twitter Blue days after revealing 9.2 percent Twitter stake

Elon Musk, Twitter Inc’s (TWTR.N) largest shareholder, proposed a slew of modifications to the social media giant’s Twitter Blue premium subscription service on Saturday, including reducing the price, prohibiting advertising, and allowing users to pay in dogecoin.

Musk, who recently declared a 9.2 percent ownership in Twitter, was granted a position on its board of directors, causing some Twitter employees to become concerned about the company’s ability to monitor content.

Twitter Blue, which debuted in June 2021, is the company’s first subscription service, providing ‘exclusive access to premium services’ on a monthly basis, according to Twitter. In the United States, Canada, Australia, and New Zealand, it is available.

In a tweet, the CEO of electric vehicle manufacturer Tesla Inc urged that customers who sign up for Twitter Blue should pay substantially less than the current $2.99 per month, and that they should receive an authenticating checkmark as well as the opportunity to pay in local currency.

‘Price should probably be $2/month,’ Musk wrote in a tweet, ‘but paid 12 months up front & account doesn’t get checkmark for 60 days (watch for credit card chargebacks) & suspended with no refund if used for scam/spam.’

‘And no advertisements,’ Musk added. ‘If Twitter relies on advertising revenue to stay afloat, companies have a lot more ability to dictate policy.’

Musk also recommended paying using dogecoin and solicited feedback from Twitter users.

Musk’s recommendations were met with silence by Twitter.

People can already use bitcoin to tip their favourite content artists. Last year, Twitter announced that it would accept authentication for non-fungible tokens (NFTs), which are digital assets like photographs or movies that live on a blockchain.

Musk also posted a poll on his 81 million-follower Twitter account, asking if the company’s San Francisco headquarters should be transformed into a homeless shelter because ‘no one shows up (to work there).’ In less than an hour, more than 300,000 people voted, with 90% saying yes.