In somewhat expected news, Twitter, now under the rebranding of X, is facing difficulties in fulfilling certain promised payments promptly. The X Support account explains that due to the overwhelming popularity of its “Ads Revenue Sharing” program, they require additional time to review everything thoroughly for the upcoming payout. Nevertheless, they are committed to ensuring all eligible accounts receive their payments as soon as possible.
According to the support page provided in the link:
August 4, 2023 update: The volume of people signing up for revenue sharing has exceeded our expectations. We previously said that payments would occur the week of July 31st. We need a bit more time to review everything for the next payout and hope to get all eligible accounts paid as soon as possible.
Thank you for your patience!
Amidst Elon Musk’s tweets, which included posts about SpaceX Starship, The Boring Company, and other matters, he also mentioned the delay in payments. However, Twitter CEO Linda Yaccarino has not publicly addressed the delay.
In response to a comment expressing interest in the program, Musk acknowledged the positive reception but stated that payments would take a few more days to process due to the high level of interest, without specifying exact numbers.
This delay is concerning, especially considering the program’s promise to help people earn a living directly on X, which is a vital part of Elon Musk’s vision for the app that handles various financial features, including banking and stock trading. The revenue-sharing plan was announced in February, and the first round of payments was sent to eligible accounts a few weeks ago. However, reports of payment delays have become all too familiar since Musk’s takeover of Twitter.
There have been numerous complaints from individuals and organizations related to X/Twitter, including landlords of Twitter’s buildings in San Francisco and London and former employees of Twitter Africa who claim they were left without promised severance payments.
In May, several former employees filed a lawsuit against the company, accusing Twitter’s new leadership of deliberately intending to breach contracts and ignore legal obligations, leading to unpaid rent, vendors, and severance.
A Wall Street Journal article in February reported nine lawsuits totaling $14 million in unpaid bills at that time.
In July, Musk tweeted about Twitter/X’s financial situation, stating they were still experiencing negative cash flow due to a significant drop in advertising revenue and a heavy debt load.
Although Twitter’s unpaid Google Cloud bill was eventually settled, there is hope that those who invested $8 (or $84 annually) with the expectation of participating in Elon’s revenue-sharing program will also receive their payments soon.