US President Joe Biden came out at a fundraising event for the mid-term elections in the US against the social network purchased by Elon Musk and claimed that it spreads lies all over the world. Biden said that “there are no more editors in the US”.
The US President’s statement comes after Musk fired thousands of employees on the social network to save costs – only about a week after he purchased it. As a result, a sharp increase in racist comments and hate speech was reported on the network – which caused a number of large advertisers to stop advertising on the network.
The Twitter deal cost Musk about $44 billion, and now he is trying to increase the company’s profits through a variety of measures: reducing manpower and expenses, and looking for new avenues of profit.
Between the years 2010-2021, Twitter’s total profit amounted to 25 billion dollars, when the company’s research and development branches increased by 7.8 billion dollars. The company recorded a cumulative net loss of approximately 1.3 billion dollars
One of the ways Musk is trying to increase revenue on Twitter is an $8 paid subscription to the social network that includes the “Blue Hoy” currently reserved for verified users.