Twitter Files for Payment Business — Twitter Inc. has filed registration paperwork with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to enable it to process payments, The New York Times reported Wednesday, citing its knowledge of the filing. Wednesday’s Twitter Spaces audio podcast featured a comprehensive overview of Twitter’s business from Tesla’s CEO and new Twitter CEO. During the broadcast, he explained how the social media company intends to “enable monetization for creators.”
Musk then shared his ideas of how verified users who pay an $8 monthly subscription to Twitter will be “authenticated by the payment system,” elaborating: “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? 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.”
Users with authenticated bank accounts linked to their Twitter accounts will be able to “exit out of the system” and transfer their Twitter balance out of the platform, according to Musk, who added: “Then the next step would be to offer an extremely compelling money market account to get extremely high yield on your balance.”
Twitter could then add “debit cards, checks, and whatnot,” the Tesla and SpaceX boss noted. Operating a payment business would make Twitter a competitor to Paypal, a company Musk helped found. Musk previously stated that he desired to create X, the app for everything, and Twitter is likely to accelerate the development of X by three to five years.
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