“Spend $1000 Or Lose Your Checkmark”- Elon Musk To X Advertisers
Elon Musk News: Microblogging platform, X (earlier Twitter) is in the middle of an enormous rebranding process damaging its market value. In the latest turns of events, Elon Musk is reportedly forcing brands to spend around $1000 on ads every month or lose their gold checkmark from the profile.
Also Read: Jack Dorsey, Michael Saylor Ask Bitcoin Lightning Support On Coinbase
Elon Musk Threatens Brands On X?
X ads business seems to be in trouble as the social media giant reportedly issued a warning to strip the verification mark of the brand if they don’t pay up for them. X will move ahead to remove ahead to gold verification checks of profiles if they failed to spend at least $1,000 on ads in the last 30 days from 7th August 2023.
Moreover, the brands with gold verified status will need to spend $6,000 in the last 180 days on ads to order to keep their checkmark. As of now, X reportedly charges businesses around $1000 monthly for the verified gold mark. However, the social media giant earlier decided to waive this fee for its top 500 ad clients including 10,000 most followed brand and organisation profiles.
Business Insider reported that companies like The New York Times had refused to pay the asked fee while keeping the verified marks on X. However, Air France lost its checkmark from the profile. It is still unclear whether the newly imposed $1000 is the extra amount demanded by X over the already applied $1000 monthly fee. Read More Elon Musk News Here…
Twitter Losses Huge Brand Value
Elon Musk’s recent decision to Twitter rebranding has reportedly wiped out around $4 billion and $20 billion in market value. This will leave Twitter to completely change into X disassociating it with the blue bird logo and terms like Tweet.
The Twitter owner already mentioned that the company has registered a 50% decrease in ad revenue and a negative cash flow.
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