Twitter jumps 6% after the social media giant buys Substack competitor Revue
Substackcompetitor Revueon undisclosed terms.
- Shares jumped 6% Tuesday after the news broke.
- The news comes after Twitter announced a new feature called "Birdwatch" on its platform.
Twitter shares jumped 6% on Tuesday after the
The financial terms of the deal weren't disclosed, though Twitter did release a blog post detailing the acquisition."Revue will accelerate our work to help people stay informed about their interests while giving all types of writers a way to monetize their audience - whether it's through the one they built at a publication, their website, on Twitter, or elsewhere," the company said in its Tuesday morning blog post.
Product Lead Kayvon Beykpour and VP of Publisher Products Mike Park also noted in Twitter's blog post that the move will add a new way for the company to serve writers and publishers saying, "Twitter is uniquely positioned to help organizations and writers grow their readership faster and at a much larger scale than anywhere else."Additionally, the company announced they are making "Revue's Pro features free for all accounts and lowering the paid newsletter fee to 5%."
This news comes just days after Twitter announced a new feature called "Birdwatch" that allows users to add notes to misleading tweets.Twitter and other online platforms have been facing public pressure for their role in spreading false information online after rioters used Twitter, Parler, and other social media websites to organize online before storming the US Capitol on January 6.
Shares of Twitter traded at $50.54 as of 10:44 pm EST on Tuesday giving the company a market cap of $40.2 billion.
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