Twitter Payments: Elon Musk’s Vision for the Future
- Elon Musk is looking for ways to turn around Twitter and has started to seek regulatory licenses throughout the US to enable payments on the site.
- Musk wants Twitter to offer fintech services such as peer-to-peer transactions, savings accounts, and debit cards.
- In 1999, Musk co-founded one of the earliest online banks called X.com, which ultimately merged with PayPal. He envisioned it developing into a one-stop shop for financial services.
Elon Musk’s Vision for Twitter Payments
Elon Musk is looking for ways to improve Twitter’s revenue streams by introducing payments across the social media network. According to two people familiar with the company’s plans, Esther Crawford, a rapidly ascending lieutenant of Musk at Twitter, has begun to outline the architecture required to enable payments on the site with a small team. This initiative forms part of a larger strategy that would also include messaging, commerce and other fintech services such as peer-to-peer transactions, savings accounts and debit cards.
Background of X.com
In 1999 Elon Musk co-founded one of the first online banks called X.com which eventually merged with PayPal. At that time he had a grand vision that he wanted X.com or X Corporation could have been back in the day; however he did not give any more details about this vision at that time.
Regulatory Licenses Acquired by Twitter
To implement its payment system across social media network, Twitter is now seeking regulatory licenses throughout US in order to create software needed for this purpose. The goal here is clear: create new sources of revenue since advertising revenue has declined significantly due mainly because marketers are blaming management and content moderation issues from within the company itself.
Revenue Streams for Twitter
To help increase revenue streams through payment systems across its platform, Tesla Motors‘ CEO has stated that he wants Twitter to offer various fintech services like peer-to-peer transactions, savings accounts and debit cards so customers can transact money securely without worrying about fraudsters or having their information stolen from third parties along with providing convenience in doing business online or offline through this single platform .