Twitter jumps 12% after posting a job listing citing a potential subscription platform
- Twitter on Wednesday posted a job listing saying that it is building a subscription platform codenamed "Gryhpon."
- Shares of the company surged nearly 12% on Wednesday.
- "This is a first for Twitter! Gryphon is a team of web engineers who are closely collaborating with the Payments team and the Twitter.com team," Twitter said in the job listing.
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The team building the platform is codenamed "Gryphon," according to the job listing for a senior full-stack software engineer. In addition, it said that the platform will be able to be reused by other teams in the future.
"This is a first for Twitter! Gryphon is a team of web engineers who are closely collaborating with the Payments team and the Twitter.com team," Twitter said in the job listing. The company didn't give any further information about the platform.
A subscription platform could potentially boost revenue for the social media company. In the first quarter of 2020, Twitter's sales rose only 3%, the smallest jump in more than two years, as advertising revenue took a hit amid the coronavirus pandemic.
Then, in June, Unilever announced it would halt its ads on the platform through 2020, citing the need for more enforcement around hate speech. Other companies followed suit, pulling ads from the platform as well as Facebook and Instagram.
Shares of Twitter have gained as much as 14% year-to-date.
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