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Illustration: Aïda Amer/Axios

Twitter on Thursday announced a slew of new product updates, spanning everything from a creator fund to live audio improvements and even Bitcoin tips.

Why it matters: For years, Twitter made few changes to its product, instead relying mostly on ad innovations to grow its business. Now, it's adding new features faster than it ever has before.

Driving the news: The company, which earlier this year announced it would be doubling down on subscription products, debuted new ways for fans to interact with and pay their favorite tweeters directly.

  • Tips: Twitter rolled out its new tipping feature to every user globally. It will also allow users to tip with Bitcoin via the payment app Strike.
  • Creator fund: The company said it would launch a fund to pay live audio creators on its platform, although it declined to offer many specifics.
  • Live audio: Twitter said it would allow recordings of live audio conversations and events held via its "Spaces" feature.
  • Communities: Twitter noted it would begin testing its new Communities feature, which connects users with likeminded interests.

The bottom line: When Twitter was launched over a decade ago, the idea that people should be able to quickly connect with their favorite creators online was novel. Today, it's table stakes for any social network.

Go deeper

Jack Dorsey stepping down as Twitter CEO

Photo: Joe Raedle/Getty Images

Jack Dorsey is stepping down as CEO of Twitter, the company announced Monday. He will be succeeded by CTO Parag Agrawal, effective immediately.

The big picture: Dorsey is also the CEO of financial payments company Square, which he co-founded in 2009, and has become a crypto evangelist in recent years.

Dan Primack, author of Pro Rata
Nov 30, 2021 - Economy & Business

Dorsey departure another win for Elliott Management

Photo illustration: Sarah Grillo/Axios. Photo: James Brickwood/Fairfax Media via Getty Images

Sing it with me one more time: Elliott Management gets what Elliott Management wants.

Driving the news: Jack Dorsey yesterday stepped down as CEO of Twitter, nearly two years after the activist investor began pushing for his ouster. His replacement will be longtime CTO Parag Agrawal.

For CEOs, social media has lost its fun

Photo illustration: Sarah Grillo/Axios. Photo: Joe Raedle/Getty Images

CEO Jack Dorsey's departure from Twitter shows that, in Silicon Valley today, social media is becoming a field to flee.

Why it matters: Coming on the heels of Facebook's name change and new metaverse focus, Dorsey's resignation is another sign that the industry now views the massive social networks it built over the last two decades as buggy "legacy applications" mired in annoying social problems.