Elon Musk outlines ambitious payments vision for Twitter
Elon Musk laid out his long-term vision for bringing payments to Twitter — which could include offering high-yield money market accounts and debit cards and peer-to-peer transactions — as the social media company filed paperwork with US authorities to become a financial services business.
The billionaire entrepreneur outlined his ideas for offering the services during a conversation with advertisers on Twitter Spaces on Monday.
In a signal that Musk is taking steps towards integrating some payments services into the platform, Twitter on Friday registered with the US Treasury as a payments processor, according to filings. Businesses involved in money transfers, currency exchange or cashing cheques are required to inform the Treasury’s Financial Crimes Enforcement Network.
“Please note that Twitter will do lots of dumb things in coming months,” Musk tweeted. “We will keep what works & change what doesn’t.”
Meanwhile, the Tesla chief executive attempted to reassure advertisers that the platform would remain a safe place for brands. On the issue of impersonation, he warned that any users who use their blue check to impersonate brands or individuals would be suspended, adding “we’ll keep your $8”.
Musk, who has described himself as a “free speech absolutist”, has previously said he would not make any significant content moderation changes without convening a content moderation council.
On Wednesday he said Twitter might take “a few months” to set up the council, adding that it would be an “advisory council” rather than a “command council”.
This story originally appeared on: Financial Times - Author:Hannah Murphy
