Elon Musk announced a way for Twitter users to make money and in turn, make money for the social media network.

Twitter users will be able to offer their followers subscriptions to content, including long-form text and hours-long videos.

It's a revamp of Twitter's monetized subscription tool.

Users offering the subscription will get all the money subscribers pay apart from the charges platforms such as Android and iOS levy. 

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Twitter will not take a cut for the first 12 months.

Musk has been introducing ways to increase revenue at Twitter since the company lost advertisers around the time that he made the acquisition. in October.

Musk said this week that the firm was now "roughly breaking even."

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Since taking over, Musk has made several changes in product and organization.

In a BBC interview, Musk said buying Twitter was something that "needed to be done," while owning the platform "has not been boring" and has been "quite a rollercoaster."

The company rolled out Twitter-verified blue tick as a paid service and shrunk the employee base by about 80%.

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Musk warned of a difficult slog for the U.S. economy over the next year after recent turmoil within the banking system reignited fears over an imminent recession.

Reuters contributed to this report.