Musk wants Twitter to become “the people’s financial institution”


Post Tags

One of the latest suggestions for changes at Twitter from Elon Musk is tweaking the social media platform to enable instant digital payments. This is as the social media platform faces bankruptcy as Musk continues to implement significant ongoing changes after his acquisition last month.

Read More: New Twitter rules and changes to the platform from this week

In a transcript, published by The Verge, of his first staff meeting since the takeover, Musk suggested tweaking Twitter to enable the ability to send money across the world.

“Payments really are just the exchange of information. From an information standpoint, not a huge difference between, say, just sending a direct message and sending a payment. They are basically the same thing.” Musk told the remaining staff members at Twitter following recent retrenchments.

Musk says, in principle, one should be able to use a direct messaging stack for payments and address what people would need from a financial standpoint. “We just want to make it as useful as possible,” Musk told staff members.

The details of Musk’s social media platform turned digital bank plans include offering better interests rate to competitors, and sending people a Twitter account debit card before they even apply for one. 

“So if they have above a certain balance, you automatically send people a debit card. You want backward compatibility to the existing financial infrastructure,” says Musk. 

Read More: Twitter has officially brought its new ‘verification’ system back (for now)

Musk wants more money

Musk has made it clear that his priority is to make money as he continues to squeeze the bird from all angles. 

“We just definitely need to bring in more cash than we spend. If we don’t do that and there’s a massive negative cash flow, then bankruptcy is not out of the question,” said Musk on bankruptcy to Twitter staff members.

He went on to tell staffers how they could not scale to 1 billion users and take “massive losses along the way” as it would not be feasible.

Read More: Is Twitter’s ‘blue tick’ a status symbol or ID badge? And what will happen if anyone can buy one?

Twitter Blue might come back this week

On Sunday, Musk said Twitter Blue will probably come back at the “end of next week”. This was in response to questions about when the $8 subscription version of the platform would be available again after it was paused last week.

Until last week, Twitter Blue was reserved for verified accounts belonging to famous people, journalists, public figures, and politicians. Musk opened it up to anyone willing to pay $8, to make more money, and parody accounts, sprung up from all corners with little, resulting in a mess that forced Twitter to implement new rules on parody accounts to separate them from official ones.

As the week progresses, it seems only Musk really knows what’s in store at Twitter for the week. 

Source(s): The Verge, ARS Technical, Reuters

Source link

Comments are closed.