The X Support team cited overwhelming popularity for their “Ads Revenue Sharing” program as the reason for the hold-up, assuring users that they are diligently reviewing everything to expedite the payouts to eligible accounts.
As of August 4, 2023, the volume of users signing up for revenue sharing has far surpassed expectations.
Initially scheduled for the week of July 31st, payments will now take a little longer as they meticulously process each request.
Despite this delay, the X team remains committed to compensating all eligible accounts as swiftly as possible and appreciates the community’s patience during this period.
This announcement casts a shadow on the program’s claim of assisting people in earning a living directly through the X platform, a fundamental aspect of Elon Musk’s grand vision for a comprehensive app encompassing banking, stock trading, and essential financial services.
Back in February, Musk unveiled the revenue-sharing initiative, and a few weeks ago, the company initiated the first round of payments to eligible accounts.
Users were required to meet specific criteria, such as having paid verification through Twitter Blue or being affiliated with Verified organizations, along with amassing 15 million “organic” impressions in the last three months and maintaining a minimum of 500 followers. Subsequently, the registration process was opened to a broader audience.
Regrettably, the news of delayed payments has a sense of déjà vu for many individuals and organizations connected to X/Twitter since Musk’s takeover. Complaints have surfaced from landlords of buildings leased to Twitter in San Francisco and London, as well as former Twitter Africa employees who felt neglected and denied their promised severance pay.
Adding to the list of grievances, some former employees filed a lawsuit against the company in May, accusing the new leadership of deliberately breaching contracts and disregarding legal obligations, resulting in unpaid rent, vendors, and severance.
In a revealing Wall Street Journal article from February, it was reported that nine lawsuits were filed, totaling $14 million in unpaid bills at that time.
Venturing onto Twitter to address the platform’s financial situation, Musk acknowledged their negative cash flow due to a significant drop in advertising revenue by approximately 50% along with substantial debts.
However, there might be a glimmer of hope as reports suggest that Twitter’s unpaid Google Cloud bill was eventually settled.
This development might inspire optimism among the users who invested $8 (or $84 annually) with the expectation of profiting from Elon’s revenue-sharing program.
In conclusion, the recent delay in fulfilling promised payments has generated disappointment and frustration among the X community, given the platform’s ambitious goals and the enthusiastic response to the “Ads Revenue Sharing” program.
Despite the setback, the X Support team remains dedicated to resolving the issue promptly and compensating all eligible accounts accordingly.
Only time will tell how this situation unfolds and whether the X platform can overcome its financial challenges to realize Elon Musk’s visionary app concept.