Elon Musk-owned social media company had planned to roll out the revamped version of its subscription service, Twitter Blue, on Monday. The New York Times reports that the move was aimed at limiting the potential fallout of verified users impersonating political or other government figures, such as President Biden, or news outlets claiming false results that may discourage others from voting. The move comes just days before the U.S. midterm elections, with polls closing on November 8. Twitter has laid off roughly half its workforce earlier this week, laying off about 3,700 jobs, or about 3.700 jobs. The company bought Twitter for $44 billion last month for $13 billion from banks and needs to pay more than $1 billion a year in interest payments. Twitter's decision to delay the release of its revamped subscription service is a reflection of the current state of the market. The company is struggling to keep up with rivals who have been aggressive in their efforts to court users and advertisers alike.

November 7, 2022 9:15 AM