EasyEquities founder Charles Savage said if he was Elon Musk, he would focus on clearing out bots and trolls, introduce person-to-person payments, and launch a social identity service.
Musk bought Twitter for $44 billion, or $54.20 a share, last month. He openly said he overpaid the company after he failed to get out of the transaction.
The Tesla CEO has a mammoth task to make the social media platform profitable – something Twitter has been struggling with for years.
Musk plans to eliminate 3,700 jobs at Twitter – half the company’s workforce – to drive down costs.
He also intends to reverse the company’s existing work-from-anywhere policy, asking remaining employees to report to offices.
Musk announced that Twitter would start selling blue verification badges for user profiles at $8 per month to increase revenue.
Users who already have a blue verification badge will reportedly have a multi-month grace period before they either need to pay for the badge or lose it.
Twitter also plans to expand access to its edit function. The edit feature, currently available to Twitter Blue users who pay $4.99 a month, will be opened to the rest for free.
Charles Savage’s advice to Elon Musk
Purple Group CEO and EasyEquities founder Charles Savage said he would initially focus on three things if he was Elon Musk.
- Clear out the bots and trolls who are essentially faceless, spineless Twitter accounts whose only contribution is to degrade the conversation.
- Introduce person-to-person payments, allowing everyone to monetize their followers and content or donate to accounts that are doing great work. Twitter can take a reasonable fee for all payments made.
- Launch Twitter verified, a social identity service that validates your ID and builds a social ranking and score based on your account behaviour, community following and engagement. It will build confidence in the community and become the defacto ID service. Twitter can charge per ID validation request.
Savage’s suggestions echo the views of many Twitter users who have been suggesting these features for years.