Shares of Twitter Inc (NYSE:TWTR) gained more than 6% on Wednesday as investors pondered reports of a new subscription service.
What Happened: Author Aaron Edelheit was among the first to highlight Twitter's work on a subscription service code-named Gryphon. The company confirmed in a job posting it's "building a subscription platform" and it's "a first for Twitter."
The company is hiring a full-stack engineer to help lead the Payment and Subscription client work.
The social media company is likely now in a position to offer a subscription service after spending 1.5 years reengineering its ad platform, according to Edelheit.
Journalist Matthew Keys noted Twitter's job listing suggests a subscription service would be offered to Twitter users or sold to other companies.
One user manny bonitatibus commented that rival social media platforms are "eating Twitters' lunch." The post also noted Twitter's track record of prior launches is far from stellar.
"Twitter building new platform for the future, so boo when will it be ready 10yrs from now," the tweet said.
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