The announcement is the latest in a series of major changes for the social media company, including the appointment of a new chief executive, Linda Yaccarino, who took over from Musk in June. Following her appointment, Musk tweeted that Yaccarino would “primarily focus on business operations” while he would remain focused on “product design and technology.”
Musk also made waves last week when he appeared to agree to a fight against Facebook co-founder and CEO Mark Zuckerberg. Musk tweeted on Friday “Some casual fight happens at the Colosseum,” after reports that Italy’s culture minister has approached the two tech giants and offered to coordinate the fight at the historic site.
Less than two hours after his initial tweet outlining the new rate cap policy and after much protest online, Musk tweeted his original announcement saying, “Fee caps will soon increase to 8,000 verified, 800 unverified, and 400 for new unverified.” It did not provide any time frame or explanation for the adjustment.