Surprise? Elon Musk's $8 Twitter Blue hasn't made very much money so far.

In the last few days, the platform has descended into chaos as Musk chases his new revenue stream.

Musk simply replied, "Needs some tweaking, but overall proceeding well."

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That doesn't appear to be the case.

The new program was put on hold just after it was launched. Advertisers that remain on the platform did not like the fact that fake accounts were pretending to be brands.

On Nov. 9 and Nov. 10, anyone with an Apple device in the US, Canada, Australia, New Zealand, and the UK could subscribe.

The two days were worth $488,000. 61,000 new subscribers are assumed to be at most.

The conversion rate is just over 0.025 percent. The conversion rate is a bit better if you take into account the 10 percent of users that the company considers to be power users. Between 2 and 3 percent is the average conversion rate in e- commerce.

There are a few things to keep in mind. Some of the revenue comes from users who paid for the previous iteration of the service, but did not upgrade. The edit button feature was added as a bonus to the previous version of the service. The users who signed up in the first week would get their renewal within the allotted time.

According to Sensor Tower, the in-app revenue from the launch of the edit button was close to $150,000. Most of the renewals probably fell on Nov. 9 or Nov. 10.

It's clear that many of the $8 signups are from people who are not real. It is unlikely that they will be able to renew their subscription the following month.

It's possible that less than 50,000 unique subscribers joined the new social network.

In a best-case scenario, where the company gains 30,500 subscribers every day with no cancellation, it's looking at generating $7.32 million per month, or $8 7.8 million per year. That's less than half of what Musk wants.

In a piece published earlier this week, Mashable looked at how many paying subscribers would be able to expect using industry standard e-commerce conversion rates. The previous version of the Blue plan only had 105,000 subscribers pay $5 a month. According to The Platformer newsletter, there was a little more than 100,000 active subscribers for the social networking site.

All of Musk's eggs have been placed in this basket. In his first email to employees, the new owner stated that he wanted half of the company's revenue to come from subscriptions. He would need more than 26 million users a month to pay that fee. It would take 15 million paying subscribers to cover the $120 million in monthly expenses for Musk to keep his company going.

If you pay $8 per month, you can now see the verified blue check badge mark on any account on the social networking site. There are fake verified accounts on social media. This is causing a lot of trouble for the platform as they rely on these advertisers for most of their revenue.

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Many companies have put a pause on their advertising budgets because of the "free speech" direction Musk wants to take the company in On the day Musk took over racial slurs on the platform they spiked by 500 percent.

Can Musk grow the social network from where it is now?

A large portion of the audience for the main feature, the verification badges, has already signed up. When the edit button was launched last month, it only resulted in 100,000 paying subscribers. The verification badges were only given to "notable" users prior to the newTwitter Blue. Less people will actually want it if anyone can just buy it for eight dollars.

It doesn't seem correct to say that "overall" it's progressing well, regardless of what happens with the future of the service.