Elon Musk announces the idea of money transfers on Twitter

10.11.2022 | 11:53 Home / News / Fintech /
#Elon Musk #Twitter #money transfers
Elon Musk, who has recently acquired Twitter, detailed his vision for Twitter’s plan to enter the payments market.

During audio broadcast with Twitter advertisers he suggested that verified users who pay an $8 monthly subscription to Twitter would be able to benefit because now the company will know that these people have been “authenticated by the payment system.”

“Now we can say, “You have got a balance in your account, do you want to send money to someone else within Twitter? And maybe we pre-populate their account and say, “Okay, we are gonna give you $10 and you can send it anywhere within Twitter,” TASS quotes Musk, citing CNBC.

Musk added that if people wanted to “exit out of the system” they would be able to transfer their Twitter balance if they have attached authenticated bank accounts to their Twitter accounts.

On October 27, Musk closed his $44 billion deal to buy Twitter social media service. According to documents posted on October 31 in the database of the U.S. Securities and Exchange Commission, the billionaire is going to dissolve the company’s board of directors. Immediately after buying Twitter, Musk terminated a number of top executives of the company. Later, Bloomberg reported that the entrepreneur plans to reduce the staff by almost half.

Recently, Ethereum co-founder Vitaly Buterin, speaking at the Singapore FinTech Festival, said that after being acquired by Elon Musk, Twitter can become a “really great” or “really terrible” social network.

“Elon is a high variance actor. Minimum there is a chance that he is going to make Twitter really great, there is a chance that he is going to make Twitter really terrible – and that is in some ways also good. Because if it becomes too terrible, that actually opens up the opportunity for other people to make something really great,” said Buterin.

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