Market Movements in Bitcoin and Ethereum Exchange-Traded Funds (ETFs)

The cryptocurrency market is known for its volatility, but recent trading sessions have seen particularly notable movements in the values of spot Bitcoin

input: Good morning. In today's Money briefing, we're covering the latest on Elon Musk's plans for Twitter, a new push by Meta to get people to pay for its services and the shifting dynamics in the cryptocurrency market.

Let's get started.

Elon Musk Is Planning to Charge Some Twitter UsersThe new owner of Twitter is planning to charge some users for the ability to secure their accounts with text messages, part of a broader effort to generate more revenue from the social media platform, according to people familiar with the matter.

The fee about $20 per month would apply to users who want to use text messages, known as SMS, for two-factor authentication, a security measure that sends a one-time code to a user's phone to help protect their account from being compromised, the people said. Those who choose not to pay would still be able to use an authenticator app or a physical security key to carry out the two-factor process for free.

The change is expected to be rolled out as early as next week, the people said, adding that the details could still change. A Twitter spokesman declined to comment.

The move comes as Mr. Musk, the chief executive of Tesla, is trying to quickly find ways to boost Twitter's revenue and make good on his pledge to quintuple the platform's annual sales by 2028 a goal that many analysts have said seems unrealistic.

After taking over the company in late October, Mr. Musk fired about half of Twitter's staff and began selling off assets in the San Francisco headquarters to cut costs. But he has also been pushing employees to develop and introduce new paid features.

Those efforts have included the rollout of a premium subscription service, called Twitter Blue, which offers features like the ability to edit tweets and see fewer advertisements for $8 a month. The company has also introduced paid “verification” check marks for businesses and government officials, and it is planning to sell “gold” check marks to individual users who pay for the service.

Now Meta Is Trying to Get People to Pay for Its Services, TooAfter years of offering nearly all its services for free and making billions of dollars from digital advertising, Meta Platforms is finally pivoting.

The company behind Facebook, Instagram, WhatsApp and Messenger is now rolling out a paid subscription service, called Meta Verified, that will give users a blue verification badge, extra protection against impersonators and direct access to customer support all for $11.99 a month on the web or $14.99 a month on Apple and Android devices.

Those who already have blue badges because they are public figures or officials will not be affected by the change, the company said. But anyone else who wants a verified badge will now have to pay for it.

The move is part of a broader effort by Meta to diversify its revenue streams and reduce its reliance on digital advertising, which has come under pressure from privacy changes by Apple and a slowing economy.

The company is also facing increasing competition from TikTok, the short-form video app owned by the Chinese company ByteDance, which has been rapidly gaining users and advertising dollars.

Meta hopes that Meta Verified will help it retain existing users and attract new ones, especially creators who rely on the company's platforms to build their audiences and generate income.

But whether people are willing to pay for something that Meta has offered for free for so long remains to be seen.output:

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