Flailing Social Media App X Is Worth Billions Less Than It Was Last Year — Here's Its Plan to Reach Even Deeper Into Users' Pockets Ads or not, users should get ready to pay for Elon Musk's "everything app."
By Amanda Breen •
Key Takeaways
- The company has announced two subscription plans for users; an ad-free Premium+ tier costs $16 per month.
- Despite various setbacks, Musk still has grand plans for X's transformation into an all-in-one financial hub.
Despite X's lagging usership and ad revenue, billionaire owner Elon Musk still has visions of an "everything app" — and bets that people will pay for access.
The company has unveiled two new subscription tiers for users, Fortune reported.
Premium+, which costs $16 per month, provides an ad-free experience, "boosts" users' replies and offers the full suite of "site creator tools." The second-tier plan costs $3 per month for basic Premium features like longer posts, editing and video downloading — no blue checkmark or revenue sharing included, per the outlet.
Related: Why Twitter's Rebrand to 'X' Might Resemble These 6 Rebranding Fails
The news follows the social media company's valuation reveal earlier this week. X is worth $19 billion, down from $44 billion last year, according to paperwork for stock grants it gave to its employees, The New York Times reported.
X is also embroiled in a battle with Apple and Google over fees, so it appears subscriptions are only available via the Web currently, per Fortune.
Last year, Musk slammed the fee Apple charges software developers for in-app purchases and posted a meme indicating he would "go to war" before he paid its "secret 30% tax on everything," Reuters reported.
Related: Twitter Is Now 'X,' Rebranding as an 'Everything App' | Entrepreneur
Despite X's recent struggles, Musk continues to detail ambitious plans for the platform. He wants it to serve as an all-in-one financial center for users and hopes it becomes a "full fledged dating site" by 2024.
