Elon Musk's X platform will fund ‘unlimited’ legal bills for users: Are you eligible? | Mint
Active Stocks
Tue Feb 20 2024 15:54:00
  1. Power Grid Corporation Of India share price
  2. 287.95 4.16%
  1. HDFC Bank share price
  2. 1,453.75 2.59%
  1. Tata Steel share price
  2. 141.05 -0.60%
  1. NTPC share price
  2. 345.65 2.01%
  1. ITC share price
  2. 406.05 -0.77%
Business News/ News / World/  Elon Musk's X platform will fund ‘unlimited’ legal bills for users: Are you eligible?
BackBack

Elon Musk's X platform will fund ‘unlimited’ legal bills for users: Are you eligible?

Elon Musk's platform X will fund legal bills for those treated unfairly due to their posts or likes. X has reached 540 million monthly users.

Elon Musk's X will fund legal bills for users facing unfair treatment by employers due to their social media posts (AFP)Premium
Elon Musk's X will fund legal bills for users facing unfair treatment by employers due to their social media posts (AFP)

Elon Musk's social media platform, X (formerly known as Twitter), announced that it will fund the legal bills of individuals who have been treated unfairly by their employers due to their posts or likes on the platform. Musk made this commitment without any limitations on the funding amount.

Elon Musk earlier announced that X will take some time to share the advertising revenue with the content creators as the company needs more time to process large number of requests. Moreover, only the subscribers of X Premium (Blue) will be eligible to receive their share in the ad revenue and Elon Musk cleared that if one is not a premium member their ad revenue will be kept by the company as reported by Mint earlier.

Few days ago, Musk revealed that X has achieved a significant milestone with monthly users reaching over 540 million. The company is going through organisational changes and striving to address declining advertising revenue. 

A series of comments made by X executives, highlighted the platform's strong traction in terms of user engagement that came in the wake of Meta Platforms' introduction of Threads, a direct competing platform, on July 5, HT reported.

Also read: Elon Musk reveals major update on ad revenue sharing: X Premium subscribers will get…

In July, twitter rebranded itself with the new name X and a new logo replacing the iconic 17 years old blue bird logo, signalling a shift towards becoming an "everything app" and broadening its focus beyond its previous identity as Twitter.

Despite these developments, X's cash flow remains negative due to a 50 percent drop in advertising revenue and a substantial debt burden. An expected upturn in advertising revenue in June did not materialise.

Also read: Elon Musk's Tesla signs five-year lease agreement for its first office space in Pune. Details here

Since Elon Musk's takeover of X, the platform has faced challenges in managing inconsistency, which has led to advertisers withdrawing their support. Another major factor contributing to advertisers' withdrawal is the platform's content moderation compromise. Advertisers are concerned about their ads appearing alongside inappropriate content.

In response to the financial difficulties, X implemented stringent cost-cutting measures, resulting in the layoff of thousands of employees. Musk stated that the company managed to reduce its non-debt expenditures from a projected $4.5 billion to $1.5 billion in 2023.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 06 Aug 2023, 11:28 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App