The social network X, formerly known as Twitter, is at the center of controversy. Its name and logo change did not sit well with users and now the platform is taking another step that is infuriating companies. From now on, companies that want a gold check mark on their profiles will have to pay double to keep it.
Until a few months ago, this verification cost companies up to $1,000 per month. The price remains unchanged but Elon Musk decided to add a condition for companies wishing to keep their gold checkmark: as of August 7, if they do not spend the same amount as it costs to get the checkmark ($1,000) on monthly advertising on the social network, they will lose their verification.
The news was released by the Wall Street Journal which reported that several companies in the UK and nationwide had received a letter from X informing them of these changes so that they could keep the gold checkmark. X announced that companies that have not spent $1,000 in the last 30 days or $6,000 in the last 180 will lose their check mark.
The importance of gold verification
This identifier proved to be more important than previously thought. When Musk started the verification process, there were quite a few problems as several accounts started to impersonate other profiles of important celebrities and brands. One of those affected was precisely the account of the pharmaceutical company Eli Lilly which tweeted that insulin would be free that day. It was a fake account. The consequences were as damaging to the company as they were to what was then known as Twitter, which said it had to improve security measures to prevent impersonation.
However, even verification hasn't been enough to help X recoup its lost investment. Musk claimed in early July that the company had detected a "~50% drop in advertising revenue" and was cash flow negative. Since then, it started offering companies advertising incentives, such as significant discounts on ad bookings. Now, these companies will have to allocate part of their budget to advertising on X if they want to maintain their golden brand identity.
Hide the blue checkmark, X's new policy
Twitter Blue, or X Blue as it is now known, didn't just add modifications to business verifications. It is also giving users new benefits. The most significant one is that the social network will allow a company to hide its blue checkmark from its profile. The social network's help site announced this new feature by ensuring that Blue users could now:
Hide your checkmark: As a subscriber, you can choose to hide your checkmark on your account. The checkmark will be hidden on your profile and posts. The checkmark may still appear in some places and some features could still reveal you have an active subscription. Some features may not be available while your checkmark is hidden. We will continue to evolve this feature to make it better for you.
NEWS: The ability to hide your Blue checkmark is now live and working on Android with the latest update! pic.twitter.com/bIBzWDvLHv
— X News Daily (@xDaily) August 2, 2023
