Twitter will soon start paying verified content creators for ads in their replies, with the first payment block of around $5 million (roughly Rs 41 crore), company owner Elon Musk said on Friday.

“Note that the creator must be verified and only ads shown to verified users count,” Musk, the billionaire who bought Twitter last October, said in a tweet.

Since Tesla CEO Musk acquired Twitter, the platform has struggled to retain advertisers who were wary of their ad placement after the company laid off thousands of employees.

The move comes as Twitter’s newly appointed CEO, Linda Iaccarino, an advertising veteran from NBCUniversal, is set to take the helm of the social media platform.

In March, Musk said the messaging service makes about 5 or 6 cents an hour of attention from users and could increase that to 15 cents or more with ads that are more relevant and timely.

Meanwhile, Twitter along with Meta Platforms’ Instagram, Alphabet’s YouTube and TikTok could face regulatory action after European consumer group BEUC complained to the European Commission and consumer authorities that the online platforms allegedly facilitate the misleading promotion of crypto assets.

US regulators suing crypto platforms Coinbase and Binance, along with last year’s collapse of FTX, have raised concerns about consumer protections related to crypto assets like bitcoin and ether.

The European Union last month adopted the world’s first comprehensive set of rules for the regulation of cryptoassets (MiCa).

BEUC, in its complaint filed on Thursday, said the spread of misleading crypto-asset advertisements on social media platforms is an unfair commercial practice as it exposes users to serious harm, such as losing significant amounts of money.

© Thomson Reuters 2023

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