Wednesday, July 24, 2024

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Elon Musk’s X Platform to Implement Fee for New Users in Bid to Curb Bot Activity

In a move that has shaken up the social media landscape, Elon Musk’s Platform X (formerly known as Twitter) is set to introduce a temporary fee for new users. The tax, according to Musk, is a measure aimed at curbing “the relentless onslaught of bots” plaguing the platform.

The billionaire tech mogul confirmed his intentions in a post on X, saying that a “small fee” would be required to publish new accounts on the platform. Musk argued that this was “the only way to curb the relentless onslaught of robots”, as AI tools can easily pass “are you a robot” tests.

Users who choose not to pay the fee will still be able to follow other accounts and read posts for free. After a period of three months, the ability to publish will be unlocked for free. The implementation and cost of the fee remain unknown, although an earlier rumor suggested that X wanted to charge unverified users $1 per year.

The move is part of Musk’s ongoing efforts to rid the platform of bots and spam accounts, a problem he has spoken about openly since he acquired Twitter. However, the effectiveness of this new fee in preventing bot accounts and spam remains to be seen.

Musk’s Platform X initially launched its initiative with a $1 account startup fee in New Zealand and the Philippines last October. The idea was that a small charge would discourage bot farms from opening thousands of accounts due to rising costs.

Despite these efforts, the X bot problem appears to be more significant than Musk initially anticipated. The platform has not seen growth in the number of active users, despite boasting 1.7 million new signups per day. This discrepancy suggests a high volume of bot activity, a problem that Musk had previously claimed to have fixed.

In 2022, Musk claimed that Twitter management had falsely claimed that less than 5% of its active users were bots. Musk’s analysis suggested a figure closer to 33%, although he later revised it to a more conservative 20%.

The introduction of a fee for new users is a significant step, suggesting that the issue of bots is a more significant concern than the reported 5%. However, the move could dissuade potential users from signing up for X, especially given the numerous questions surrounding Musk’s project.

In other news, CoinMarketCap analysts believe that Dogecoin, a cryptocurrency often associated with Musk, has significant long-term growth and adoption potential. They predict that its price could reach $4,423 by 2050. As of today, market sentiment on Dogecoin is 45% bearish bullish, with the Fear & Greed Index showing a score of 74 (Greed).

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