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

One of the latest suggested changes to Twitter Elon Musk is tweaking social media platform to enable instant digital payments. This is when the social media platform faces bankruptcy as Musk continues to implement major changes underway following its acquisition last month.


Read more: New Twitter rules and platform changes starting this week


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

“Payments are really just an exchange of information. Informationally, there’s not a huge difference between, say, just sending a direct message and sending a payment. They are basically the same thing. Musk told other Twitter staffers following the recent layoffs.

Musk says that in principle, one should be able to use a direct messaging stack for payments and meet people’s needs from a financial perspective. “We just want to make it as useful as possible,” Musk told staffers.

Details of Musk’s social media platform turned digital banking plans include offering competitors a better interest rate and sending people a Twitter account debit card even before they don’t ask for one.

“So if they have more than a certain balance, you automatically send people a debit card. You want backwards compatibility with existing financial infrastructure,” Musk says.


Read more: Twitter has officially brought back its new “verification” system (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 absolutely have to bring in more money than we spend. If we don’t and there’s massive negative cash flow, bankruptcy isn’t out of the question,” Musk told Twitter staffers about bankruptcy.

He went on to explain to staff how they couldn’t jump to 1 billion users and suffer “massive losses along the way” because that wouldn’t be feasible.


Read more: Is Twitter’s “blue tick” a status symbol or an ID badge? And what if someone can buy one?


Twitter Blue could return this week

On Sunday, Musk said Twitter Blue would likely return “end of next week.” This was in response to questions about when the platform’s $8 subscription version would be available again after going on hiatus last week.

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

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

Sources): The edge, SRA technique, Reuters

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