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Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

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Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
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OnlyFans to bar sexually explicit videos starting in October

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Lucas Shaw
Lucas Shaw
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Bloomberg
Bloomberg
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By
Lucas Shaw
Lucas Shaw
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Bloomberg
Bloomberg
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August 19, 2021, 3:59 PM ET
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OnlyFans is getting out of the pornography business.

Starting in October, the company will prohibit creators from posting material with sexually explicit conduct on its website, which many sex workers use to sell fans explicit content. They’ll still be allowed to put up nude photos and videos, provided they’re consistent with OnlyFans’ policy, the company said Thursday.

The popularity of the social-media service exploded during the pandemic as sex workers, musicians and online influencers used it to charge fans for exclusive access to photos, videos and other material. OnlyFans has attracted more than 130 million users.

That popularity also brought with it additional scrutiny, and OnlyFans is positioning itself more as a forum for musicians, fitness instructors and chefs than sex workers. While many of its most-popular creators post videos of themselves engaging in sexual behavior, several mainstream celebrities like Bella Thorne, Cardi B and Tyga have also set up accounts. 

The changes are needed because of mounting pressure from banking partners and payment providers, according to the company.  OnlyFans is trying to raise money from outside investors at a valuation of more than $1 billion.

“In order to ensure the long-term sustainability of our platform, and continue to host an inclusive community of creators and fans, we must evolve our content guidelines,” OnlyFans said. The company is run by its founder, Tim Stokely, and owned by Leonid Radvinsky, an internet entrepreneur.

The company has been praised for giving sex workers a safer place to do their jobs. But sex work still has a stigma. The company handled more than $2 billion in sales last year and is on pace to generate more than double that this year. It keeps 20% of that figure.

OnlyFans said said it will provide more guidance on its new policy at a later date.

The news disappointed some of the sex workers who’ve come to rely on OnlyFans. Silfy, a 30-year-old from Dallas who declined to provide her real name, began posting to OnlyFans a few years ago and relies on the site to pay her bills.

She wrote a few blogs for the company in its early days, and even spoke with Stokely. But over the past year, she noticed the company shifting its focus away from sex work and more toward other types of online creators, aping a similar move at the company Patreon.

Earlier this year, OnlyFans introduced a new app that features many of its top creators, but doesn’t include any nudity.

“If you look at all the promos, they don’t promote us at all,” Silfy said. “I noticed a huge drop in them promoting people who did sex work.”

More tech coverage from Fortune:

  • Apple accepts 15 Black and brown-led businesses for impact accelerator
  • What are stablecoins? Your guide to the fast-rising alternative to Bitcoin and Ethereum
  • Employees may need to keep up “the pretense of working” as automation spreads, says A.I. expert Kai-Fu Lee
  • What will the future of Big Tech regulation look like? Europe offers some clues
  • A road trip on a single charge? Why the long-distance EV remains a pipe dream

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