Elon Musk Loses $92 Billion Considers Paywall for Twitter: Reports
Representatives for Musk and Twitter did not immediately return PEOPLE’s requests for comment.
Musk is currently being sued by multiple Twitter employees for allegedly conducting a large layoff in violation of the Worker Adjustment and Retraining Notification Act (WARN), which requires employers to give at least 60 days notice ahead of such a move.
Employees are asking the court to issue an order that would require Twitter to follow the WARN Act and restrict the company from urging employees to sign documents that could give up their right to pursue legal action against it.
RELATED VIDEO: Elon Musk Buys Twitter for $44B Following Legal Battle with Company, Fires Top Execs: Reports
Musk also recently launched Twitter’s new $8 monthly subscription service, Twitter Blue, which will allow any Twitter user to easily attain a blue checkmark symbol, something that was previously reserved to verify government accounts and notable figures, such as celebrities, politicians, and journalists.
Elon Musk has scraped off about $92 billion of his wealth this year after purchasing Twitter , the platform that he is now considering putting entirely behind a paywall, according to multiple reports.Bloomberg reported that shares of Musk ‘s other business venture, Tesla Inc. — which makes up the biggest part of his fortune — were traded as low as $186.75 on Tuesday.Per the outlet, the drop in value is due to investors in the electric car company raising concerns after his acquisition of Twitter .
Representatives for Tesla Inc. did not immediately respond to PEOPLE ‘s request for comment.
As a result, Musk , 51, is now worth $177 billion. His wealth reached its peak last year at $340 billion when Tesla’s shares were traded at a record price of $410. His current net worth, however, did not impact his title as the richest person in the world, Bloomberg reported.Late last month, he closed a $44 billion deal to purchase Twitter . Musk — who reportedly borrowed $12 billion to be able to afford the sale — has considered other ways to generate revenue for the company, including charging a subscription fee to most or all users, according to The Verge.A source familiar with the situation told the outlet that the Tesla CEO and one of his advisers, venture capitalist David Sacks, have discussed the idea of the platform-wide paywall in recent meetings.
Representatives for Musk and Twitter did not immediately return PEOPLE ‘s requests for comment.
Never miss a story — sign up for PEOPLE ‘s free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories .Last week, days after acquiring the San Francisco-based firm, Musk let go of many of Twitter ‘s 7,500 employees. According to The Verge, the company sought to bring back some of those employees within hours of the layoffs. Musk is currently being sued by multiple Twitter employees for allegedly conducting a large layoff in violation of the Worker Adjustment and Retraining Notification Act (WARN), which requires employers to give at least 60 days notice ahead of such a move. Employees are asking the court to issue an order that would require Twitter to follow the WARN Act and restrict the company from urging employees to sign documents that could give up their right to pursue legal action against it.
RELATED VIDEO: Elon Musk Buys Twitter for $44B Following Legal Battle with Company , Fires Top Execs: Reports
Musk also recently launched Twitter ‘s new $8 monthly subscription service, Twitter Blue , which will allow any Twitter user to easily attain a blue checkmark symbol, something that was previously reserved to verify government accounts and notable figures, such as celebrities, politicians, and journalists.
