Twitter (TWTR) has unveiled an edit button, the most requested feature among users of the social media platform. The feature comes at a time when the dispute with Tesla (TSLA) CEO Elon Musk over the stalled takeover deal has weighed on TWTR stock. However, TipRanks’ insights show that financial bloggers are keeping faith in the stock despite Wall Street’s concerns.
Twitter is Internally Testing the “Edit Tweet” Feature
The company has launched the test of the edit feature that lets people modify their posts should they need to fix a mistake. The feature is called “Edit Tweet.” Twitter is initially testing the edit button among its internal team. It plans to roll it out to Twitter Blue subscribers in the coming weeks.
Twitter Blue is the company’s premium subscription service that now costs about $5 a month. It offers perks such as early access to new Twitter features. It remains unclear whether the Edit Tweet feature will reach everyone on Twitter eventually.
How does Twitter’s Edit Button Work?
The Edit Tweet feature will allow people with access to it to make changes to their posts. It allows a few changes to be made to a post within 30 minutes of publishing it. Edited tweets will be labeled as such and people can still view previous versions of the post.
Twitter revealed that it was working on an edit button back in April 2022. Its announcement followed a poll in which Musk’s followers showed strong support for an edit button. Musk agreed to acquire Twitter for $44 billion but has since changed his mind, and now seeks to abandon the deal. Twitter has sued to force Musk to complete the transaction. There have been many twists in the dispute, including a former Twitter executive appearing to support Musk’s claims on the fake accounts issue.
Is Twitter a Buy, Sell or Hold?
Twitter shares have declined about 9% year-to-date. The stock continues to trade sharply below Musk’s buyout offer price of $54.20. According to TipRanks’ analyst rating consensus, TWTR stock is a Hold based on two Buys and 16 Holds. The average Twitter stock price target of $40.49 implies about 5% upside potential.
Twitter stock is getting some favorable mentions on financial blogs. TipRanks’ data shows that financial blogger opinions are 64% bullish on TWTR, compared to a sector average of 65%.
Final Thoughts
As the most requested feature, the Edit Tweet button may help fuel more engagements on Twitter. A more active platform may bolster Twitter’s prospects in the advertising market. The company relies on ad sales for the bulk of its revenue. If Twitter decides to restrict the edit button feature to its Twitter Blue members, it may get more people interested in subscribing to the service. TWTR stock could benefit from the new feature if it helps improve the company’s financial performance.
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