On Monday evening, Musk said that the company is going to delay the relaunch of the service. Musk said that the social network will probably use different color checks for organizations.
The paid option on the platform was pulled after users abused it. Users were able to pay for a Blue checkmark.
On November 29th, Musk said he was going to re-launch the social networking site.
The Blue service led to a lot of fake accounts being created on the social networking site. Many cheaply acquired checkmarks were used to impersonate brands and politicians on the platform.
For example, a user pretending to be Eli Lilly said, "we are excited to announceinsulin is free now."
Eli Lilly's stock price plummeted after the false message was posted, as did other pharmaceutical companies. Major stock indices were positive that day.
There is a blue check mark for paid and previously verified users and a gray check mark for some brands. There was a discrepancy between the checkmarks of some accounts. The checkmark was killed the same day it was introduced.
Musk gutted a lot of the staff. Half of the company's employees were laid off. According to The New York Times, another 1,200 full-time employees left the company last week after Musk ordered them to work long hours or resign.
The report was contributed to by CNBC.
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