Twitter Blue was relaunched in December, with new joiners getting subscriber-only features, such as the coveted blue check mark and 4,000 character-long tweets. Bloomberg
Twitter Blue was relaunched in December, with new joiners getting subscriber-only features, such as the coveted blue check mark and 4,000 character-long tweets. Bloomberg
Twitter Blue was relaunched in December, with new joiners getting subscriber-only features, such as the coveted blue check mark and 4,000 character-long tweets. Bloomberg
Twitter Blue was relaunched in December, with new joiners getting subscriber-only features, such as the coveted blue check mark and 4,000 character-long tweets. Bloomberg

Twitter to charge Blue users for two-factor authentication text message


Alvin R Cabral
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Twitter has said that it will be charging its users to use two-factor authentication (2FA) to secure their accounts via text message, another apparent move to tap into new revenue streams.

"Only Twitter Blue subscribers will be able to use text messages as their two-factor authentication method," the company tweeted on Saturday.

Phone number-based 2FAs are being "used and abused by bad actors", San Francisco-based Twitter, bought by billionaire Elon Musk last year, said in a blog post in which the tweet was linked to.

Non-Blue subscribers will not be allowed to use text messages as a 2FA method after March 20, and those accounts with text message 2FA still enabled will have it disabled, it said.

Disabling text message 2FA, however, "does not automatically disassociate your phone number from your Twitter account", the company said.

2FA is a security method that requires two forms of identification to access data on accounts, and is generally considered a reliable way of safeguarding them.

Most platforms use a mobile device to call, send a text message, or utilise a personalised 2FA to verify an identity. The advantages of 2FA are "endless", according to Microsoft.

Twitter Blue, meanwhile, is the platform's top-tier account, which indicates that a user is verified and is part of Mr Musk's goal of reining in fake accounts.

The premium feature, whose fees start at $8 a month, was relaunched in December, with new joiners getting subscriber-only features including Edit Tweet, 1080p video uploads, reader mode, the coveted blue check mark and even 4,000 character-long tweets.

It was previously free for verified accounts of famous personalities such as celebrities, politicians, journalists and other public figures, but Mr Musk opened it up to anyone willing to pay the premium.

Mr Musk had previously claimed that the company was losing $4 million a day, and laid out plans to boost the platform's revenue by five times to $26.4 billion by 2028.

In its last financial report before its acquisition, the company swung to a net loss of more than $270 million in the second quarter of 2022, compared to a net income of about $65.6 million in the same period a year earlier.

Twitter is also moving forward with plans to introduce a payments feature on its platform, steering it towards Mr Musk's plans to tap into new revenue streams, the Financial Times reported last month.

The company had applied for regulatory licences across the US, the paper said.

Speaking at the World Government Summit this week, Mr Musk said the journey so far has been “quite a rollercoaster” as he tries to “stabilise Twitter”.

He said that he went ahead with the purchase because he wanted to create a trusted digital platform.

For users who don't have a Blue subscription, they are encouraged to "consider using an authentication app or security key method instead", it said.

"These methods require you to have physical possession of the authentication method and are a great way to ensure your account is secure."

Earlier this month, Mr Musk said Twitter will start sharing advertisement revenue with some content creators, but did not specify the actual share creators would receive.

JAPANESE GRAND PRIX INFO

Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday 

Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD

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%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3ESteven%20Soderbergh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMichael%20Cera%2C%20Liev%20Schreiber%2C%20Chloe%20Radcliffe%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%C2%A03%2F5%3C%2Fp%3E%0A
PSG's line up

GK: Alphonse Areola (youth academy)

Defence - RB: Dani Alves (free transfer); CB: Marquinhos (€31.4 million); CB: Thiago Silva (€42m); LB: Layvin Kurzawa (€23m)

Midfield - Angel di Maria (€47m); Adrien Rabiot (youth academy); Marco Verratti (€12m)

Forwards - Neymar (€222m); Edinson Cavani (€63m); Kylian Mbappe (initial: loan; to buy: €180m)

Total cost: €440.4m (€620.4m if Mbappe makes permanent move)

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

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Updated: February 18, 2023, 8:19 AM