Twitter shares take wing on plan for subscription platform

File: The attack on Twitter involved a combination of "technical breaches and social engineering" that let hackers hijack accounts of politicians, celebrities, and musicians, according to federal prosecutors.

File: The attack on Twitter involved a combination of "technical breaches and social engineering" that let hackers hijack accounts of politicians, celebrities, and musicians, according to federal prosecutors.

AFP/Alastair Pike

SAN FRANCISCO - Twitter shares closed the formal trading day up more than 7 percent after word spread of a team codenamed "Gryphon" working on a subscription platform.

Shares in the social network were up nearly 7.4 percent at the close of the New York Stock Exchange, and rose more than a percent more in after-market trades.

The free one-to-many messaging service has become a seemingly indispensable online venue for the latest news or commentary, with US President Donald Trump among those who post frequently.

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A subscription platform could be a way for Twitter to overcome challenges making money.

A Twitter job posting said the San Francisco-based company is looking for a senior software engineer to lead payment and subscription work as part of a new "Gryphon" team.

"This is a first for Twitter," the job posting read.

"We are building a subscription platform, one that can be reused by other teams in the future."

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The Gryphon engineer is to collaborate with the team handling Twitter.com, according to the posting.

Twitter confirmed the job posting, but declined to comment further.

Twitter's preferred measure -- "monetizable" daily active users -- hit 166 million, a leap of 24 percent from a year ago.

Source
AFP