Overview

• Elon Musk's X, formerly known as Twitter, is reportedly selling inactive user handles for up to $50,000 in a bid to generate revenue amid plunging valuation. The move is part of X's initiative to build a marketplace for usernames which Musk had hinted in the past.
• Many users of the social media platform see this measure as an attempt to monetize every aspect of it. Some lauded it as a 'brilliant' idea while others expressed disagreement over charging for something that was previously free.
• This development comes as X has faced a 55% drop on its valuation from the previous price at which Musk bought it. The social media giant's valuation has been steadily falling since Musk's takeover, with the valuation dropping an average of nearly $70 million per day during Musk's first year of ownership.
• Since the takeover, X has undergone significant changes including shifts in its verification procedures and content moderation policies. The platform has also introduced several new features and teased further developments such as turning X into a centralized banking and financial services app or a dating site.
• Despite the controversy and challenges following Musk's takeover, X still boasts of more than 500 million monthly active users and appears to be regaining some of its advertisers. According to CEO Linda Yaccarino, 90 of X's top 100 advertisers from 2022 have returned and more than 1700 advertisers came back during the last quarter.