TSLA Increases Premium Plus Subscription Rates to Boost Revenue

21 hours ago

Tesla (TSLA, Financial) CEO Elon Musk's social media platform, X, announced a significant price hike for its Premium Plus subscription. The monthly rate will increase from $16 to $22, marking the largest increase since Musk acquired the platform in 2022. The new pricing takes effect in the U.S. market from December 21, with existing users maintaining the current rate until January 20, 2025. Internationally, the European Union will see a rise from €16 to €21, and in Canada, the rate will jump from CAD 20 to CAD 29. Basic and Premium plans remain unchanged at $3 and $8 per month, respectively.

Premium Plus offers ad-free content, access to longer posts, revenue sharing from ads, monitoring tools, and expanded access to the platform's Grok AI model. The price increase aims to enhance the revenue-sharing plan for creators. Competitors like Snapchat (SNAP) and Reddit (RDDT) offer premium subscriptions at $3.99 and $5.99 per month, respectively. Meta's (META) Facebook does not charge a subscription fee but allows users to set fees for their content to generate additional income.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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