https://techcrunch.com/2023/09/18/elon-musk-says-x-will-charge-users-a-small-monthly-payment-to-use-its-service/
Elon Musk floated the idea of charging a small monthly fee for users to access Twitter. In a conversation with the Israeli Prime Minister, Musk said such a change would be needed to combat bots on the platform, as each bot would then require a payment method. While he did not specify the amount, Musk said it was a small fee. Currently, Twitter has around 550 million monthly users who generate 100-200 million posts daily. The platform also offers a premium subscription called Twitter Blue that provides extra features for $8/month, but it is unclear how many users subscribe. Musk continues to consider ways to monetize Twitter as its new owner while also addressing issues like hate speech and misinformation on the site.
A Markup analysis found that Twitter, now known as X, continues to throttle traffic to competing sites like Bluesky, Facebook, Instagram, and Substack by about 2.5 seconds after clicking links. This is over 60 times slower than other sites and can negatively impact the user experience. X appeared to also slow links to Threads, which is owned by Meta. One expert said the link throttling raises antitrust issues and warrants investigation by regulators into potential violations of laws ensuring fair competition. The Markup tested the response times of links on X and found links to rival sites were slowed, while a service like Bitly loaded them faster. The throttling risks legal issues for X and undermining reliance on its platform. Writers cannot build sustainable businesses if platforms prove unwilling to support users, said Substack founders.
Robinhood, known for its role in the GameStop stock frenzy, is trying to diversify its business and attract new types of customers. It has launched retirement accounts and increased yields on uninvested cash in an attempt to appeal to long-term investors rather than just day traders. The company’s user base and revenue have declined since the height of the pandemic as interest in meme stocks has faded. Robinhood has also faced regulatory scrutiny over its business practices. It is now focused on growing beyond a trading platform by offering services like 24-hour stock trading and acquiring a credit card startup. However, Robinhood’s rapid hiring and layoffs have taken a toll on company culture. Moving forward, it aims to provide a more comprehensive set of financial services and replicate Amazon’s evolution from an online bookseller to a broader e-commerce leader.
Robinhood CEO Vlad Tenev discussed the company’s progress over the past 10 years since its founding and its goals for the future. While originally focused only on stock trading, Robinhood now offers retirement accounts and savings products to help customers holistically manage their finances. Tenev believes perceptions of Robinhood have changed from a “toy product” to a serious platform as it achieved profitability and rolled out offerings like its retirement program. The company was challenged by the Gamestop trading surge in 2021, but Tenev is confident Robinhood’s infrastructure is now better equipped to handle such events. Looking ahead, Robinhood plans to launch in the UK in the next few months as it expands internationally, leveraging its digital model. Overall, Tenev outlined Robinhood’s efforts to build stability after a turbulent period and refocus on advancing its product roadmap.
India’s star mutual fund managers are leaving their positions at a surprisingly high rate. Jinesh Gopani recently quit as head of equities at Axis Mutual Fund after 14 years, following a front-running scandal. Santosh Kamath is no longer the CIO of fixed income at Franklin Templeton India after over 20 years, having managed funds that were closed in 2020. Prashant Jain, a top fund manager of over 25 years at HDFC Mutual Fund, resigned in 2022. Several other star fund managers are making similar transitions, either voluntarily or by being forced out. This is noteworthy as the Indian mutual fund industry has grown tremendously in size to over $564 billion in assets under management. However, even as the sector booms, many star fund managers appear to be ending their careers at major fund houses.