Pedestrians walk in front of the Twitter Inc. headquarters in San Francisco, California.Pedestrians walk in front of the Twitter Inc. headquarters in San Francisco, California.

The New York Times reported that the social media company stopped paying rent in order to cut costs.

According to a report, Musk's team has been trying to modify the terms of the company's lease, as they haven't paid rent for weeks. The real estate firms that own the buildings that make up San Francisco have complained to the social networking site.

Representatives for the two companies did not respond to questions. The communications department is no longer with the social networking site.

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The acquisition of the company caused a drop in revenue, according to Musk. He claimed that the revenue drop was due to activist groups putting pressure on advertisers.

Major advertisers like Apple and Amazon have resumed spending on the platform after pausing on it.

With the goal of generating fresh revenue for the company, Musk has reworked the subscription service. The service was supposed to launch in November, but was delayed.

It costs $8 a month for web users and $11 a month for iPad users to use it. The price difference is a reflection of Musk's recent gripes about Apple's 30% cut of all digital sales made through apps.

A blue checkmark will be given to subscribers with a verified phone number once their account is approved. Early access to new features will be available to blue users. Blue subscribers will soon see fewer ads, have the option to post longer videos, and appear at the top of replies and mentions.

Musk has been critical of the previous system that gave verification to notable users like politicians, executives, members of the press and organizations. The new verification system will give power to the people, according to him.