Australia markets close in 57 minutes
  • ALL ORDS

    7,464.00
    +22.00 (+0.30%)
     
  • ASX 200

    7,269.80
    +16.50 (+0.23%)
     
  • AUD/USD

    0.6699
    +0.0010 (+0.14%)
     
  • OIL

    79.05
    +0.85 (+1.09%)
     
  • GOLD

    1,768.60
    +4.90 (+0.28%)
     
  • BTC-AUD

    25,207.23
    +684.34 (+2.79%)
     
  • CMC Crypto 200

    400.81
    +12.09 (+3.11%)
     
  • AUD/EUR

    0.6468
    +0.0001 (+0.02%)
     
  • AUD/NZD

    1.0765
    -0.0019 (-0.17%)
     
  • NZX 50

    11,483.85
    +88.50 (+0.78%)
     
  • NASDAQ

    11,503.45
    -84.30 (-0.73%)
     
  • FTSE

    7,512.00
    +37.98 (+0.51%)
     
  • Dow Jones

    33,852.53
    +3.07 (+0.01%)
     
  • DAX

    14,355.45
    -27.91 (-0.19%)
     
  • Hang Seng

    18,245.04
    +40.36 (+0.22%)
     
  • NIKKEI 225

    27,888.57
    -139.27 (-0.50%)
     

Elon Musk plans new $31 Twitter fee

Twitter logo and Elon Musk.
Elon Musk is planning an overhaul of Twitter and is considering a new fee. (Source: Getty/AAP)

Twitter is planning to charge a new $31-a-month verification fee, as Elon Musk begins his overhaul of the social media platform.

Musk is reportedly considering changing Twitter Blue, the platform’s subscription service, including potentially increasing the $7.80 monthly fee (US $4.99) to $31 (US $19.99).

Twitter users who are verified by the platform would have 90 days to subscribe to Twitter Blue or lose their blue tick, according to a report by The Verge.

Twitter employees were reportedly given until November 7 to launch the feature or be fired.

“The whole verification process is being revamped right now,” Musk tweeted on Sunday.

While he was yet to comment on the changes directly, Musk replied to a Twitter poll created by his longtime associate, Jason Calacianis.

The poll asked users how much they would pay per month to be verified and get a blue checkmark: $5, $10, $15 or “wouldn’t pay”.

The majority of people voted they would not pay.

“Interesting,” Musk tweeted in response to the poll.

Twitter Blue launched a year ago and currently offers subscribers access to premium features, including ‘Undo Tweet’.

Since acquiring Twitter on Friday for $86 billion (US $44 billion), Musk has reportedly fired top Twitter executives, including CEO Parag Agrawal and CFO Ned Segal.

The Tesla CEO has been tweeting about how to revamp the platform and replying to suggestions.

On Monday, Musk launched a poll asking Twitter users if he should bring back Vine, the short-form video platform that was acquired by Twitter and shut down in 2017.

The move would put Twitter in competition with TikTok.

YouTuber MrBeast wrote: “If you did that and actually competed with TikTok that’d be hilarious”. To which Musk replied: “What could we do to make it better than TikTok?”

Musk has also promised to form a content-moderation council, but said the company had not yet made any changes to Twitter’s content-moderation policies.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.