Elon Musk brainstorms plans for how payments could work on Twitter

A video seize taken from a video posted on the Twitter account of billionaire Tesla chief Elon Musk on October 26, 2022 exhibits himself carrying a sink as he enters the Twitter headquarters in San Francisco. Elon Musk modified his Twitter profile to “Chief Twit” and posted video of himself strolling into the social community’s California headquarters carrying a sink, days earlier than his contentious takeover of the corporate should be finalized.

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Elon Musk has plans to make Twitter a spot the place individuals can store for items and be supplied cash market accounts, the brand new CEO of the social media firm stated.

Musk held a Twitter Spaces audio broadcast on Wednesday meant to assuage the issues of advertisers, a few of which like General Motors and Volkswagen have paused their Twitter advert campaigns because the billionaire took over.

During the published, Musk described how Twitter plans to “enable monetization for creators,” however that it wants to take action in a way that is “competitive with the alternatives” to entice them.

“So there’s a kind of no-brainer move,” Musk stated.

Musk then segued into how verified customers who pay an $8 month-to-month subscription to Twitter would be capable to profit as a result of now the corporate will know that these individuals have been “authenticated by the payment system.”

“Now we can say like, OK, you’ve got a balance on your account, do you want to send money to someone else within Twitter?” Musk stated. “And maybe we pre-populate their account with and say, OK, we’re gonna give you 10 bucks, and you can send it anywhere within Twitter.”

If individuals wished to “exit out of the system” they might be be capable to switch their Twitter stability if they’ve hooked up authenticated financial institution accounts to their Twitter accounts, he defined.

“Then the next step would be to offer an extremely compelling money market account to get extremely high yield on your balance,” Musk stated.

This could then result in Twitter including “debit cards, checks and whatnot,” he stated.

It ought to be famous that Musk was not saying that any of those plans would come to be because it appeared he was brainstorming them on the fly.

Jeanine Turner, a professor in Georgetown University’s communication, tradition and technology program, just lately informed CNBC that Musk will doubtless want many commerce companions if he needs to imbue Twitter with extra financial options.

The Twitter CEO has just lately been taking an aggressive stance towards advertisers which are boycotting the corporate, saying just some days in the past that “a thermonuclear name & shame is exactly what will happen if this continues.”

As Musk sketches out his plans for Twitter, shares in Tesla, the place he’s additionally CEO, closed at their lowest level since November 2020. Musk has offered practically $4 billion price of shares in his electrical automobile maker in latest days.

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