Twitter launches fee-based service to undo tweets

Long-sought-after changes are coming to Twitter - but you'll have to pay for them.

Twitter on Thursday announced Twitter Blue, its first subscription product, which will let paying users edit tweets after hitting the tweet button.

It's being rolled out initially in Australia for about 3-1/2 U.S. dollars a month and in Canada for less than that....with more countries to follow.

The service will cost $2.99 in the U.S., according to app information in Apple's App Store.

Twitter, however, did not provide details on when Twitter Blue will go live in the U.S.

So what do you get for the price?

The monthly fee allows users to set a timer of up to 30 seconds on their tweets once sent, giving time to click an "undo" button and edit tweets before it officially hits the Twitter timeline.

In addition, users can organize their saved tweets into bookmark folders.

There is also something called "reader mode" that will allow users to more easily read through long threads of multiple tweets.

The launch of Twitter's first subscription service is a big step for the social media company. It is trying to lock-in recurring revenues and become less reliant on its core source of sales: advertising dollars.

Shares of Twitter were up on Thursday and have risen about 8 percent so far this year.

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