X Platform Introduces Budget-Friendly Verification Package for Businesses

X, the social media platform, has implemented a substantial reduction in the monthly subscription fee for verifying accounts belonging to businesses and corporations. The cost has been slashed from $1000 to $200, introduced as part of a new package called “Basic.” This strategic move aims to appeal to medium and small-sized enterprises, allowing them to access the premium services offered by X.

The company, using its Verified account, highlighted that the new “Basic” package will grant subscribers advertising credits for promotional campaigns and expedited access to customer support services. This is positioned as a means to facilitate swift growth for businesses opting for this new subscription tier.

This adjustment in pricing comes in response to a notable decline in interest from corporate sectors towards X’s paid services. Several media and governmental institutions, including the White House and The New York Times, have refrained from subscribing to the new service. Elon Musk, who acquired the platform for $43 billion in 2022, openly criticized The New York Times for its reluctance to pay for the verification of its X account, pointing out the irony that the newspaper itself requires financial subscription for access to its journalistic content via its website.

This strategic shift is an attempt by the social platform to boost its revenue following the departure of many advertisers in the wake of recent criticisms and attacks by Musk, particularly during media conferences where he directed insults towards them.

Recent reports indicate that X, previously known as Twitter, has witnessed a substantial decrease of approximately 72% in its market value compared to Musk’s initial investment during the acquisition in November 2022.

With major advertisers pulling away, Musk and his social platform are redirecting their focus towards small and medium-sized businesses to fill the void left by the disconnection of numerous commercial entities. This shift in strategy comes as Musk continues to navigate controversies, including a tweet deemed by some as anti-Semitic, despite his efforts to clarify his supportive stance towards Israel through a visit to Tel Aviv and a meeting with Prime Minister Benjamin Netanyahu.