X, formerly Twitter, is trying to find ways to increase revenue by giving users a more tailored service.
Elon Musk's social media platform X, formerly known as Twitter, is launching two new paid tiers as part of its premium subscription service, as the company finds new ways to stop losing money.
The billionaire businessman confirmed earlier speculations and code sightings on Friday morning.
Musk said one of the options will be cheaper than the current €11 plan, but it will not reduce adverts from popping up and will have “all the features”. It is unclear if this means all X accounts will be subject to some form of payment.
The other more costly option will show no adverts. With the current X Premium service, users see approximately 50 per cent fewer ads. It has not yet been confirmed how much the new tiers will cost.
The social media company is undergoing a major transformation after Musk acquired it almost a year ago.
In July, the SpaceX and Tesla boss rebranded Twitter as X in a bid to transform the company into an “everything app”, which would include features such as payment services in addition to social networking.
But since the $44 billion (€41 billion) takeover, the company’s value has plummeted with advertising revenue falling by around 50 per cent as of July.
X is trying to find ways to increase revenue by giving users a more tailored service.
This week, the company started testing a new €1 annual service that allows users basic functions such as liking, posting and reposting. The company said this was to reduce the number of bots rather than to increase profit.