Elon Musk's $44-billion takeover is still not finalized, but the Tesla CEO is already talking about his plans for the social media platform. Known as a huge supporter of cryptocurrency, it seems that Musk has plans to integrate crypto payments to the platform.
(Photo : CHRIS DELMAS/AFP via Getty Images)
This illustration photo taken May 13, 2022, displays Elon Musks Twitter account with a Twitter logo in the background in Los Angeles.
Recently, Musk held his first all-hands meeting with Twitter employees where he may soon introduce crypto payments to platform that will "maximize the usefulness of the service."
Musk also talked about other things-such as potential job cuts, free speech, and crypto scams.
Musk also said that payments on Twitter will be digital and will be a form of information. He said, "I think it would make sense to integrate payments into Twitter so that it's easy to send money back and forth, and fiat currency as well as crypto-essential, whatever somebody would find useful."
Musk aims to maximize the usefulness of the service, which involves convenient payment methods. However, he also acne acknowledged the rampant crypt scams on the platform.
Also Read: Dogecoin is Back in 10th Spot, Elon Musk to Keep Supporting, Buying Crypto
More All-Hands Meeting Details
Aside from that, Musk also proposed an idea to allow users to pay to be authenticated as human through a subscription product Twitter Blue, which will then be ranked above the others.
As far as content moderation is concerned, the SpaceX CEO stayed true to his previous statements that will allow people to say the most outrageous things as long as their statements are legal.
When it comes to the business side of things, Musk wants over a billion users, which will support his ideas for Twitter. He also wants the company to generate more money through advertising, in-app payments, and more creator features.
He also mentioned that he wants the platform to be more like WeChat, where users basically live on the app because it combines social media, messaging, calling, games, and payments in one.
The Deal
There is still no definite plan as to when or his deal with Twitter will close as Musk demands for more information from Twitter regarding the number of accounts that are not owned by real humans. Moreover, Musk is also in a bind due to the dip in the stock market that drove down Tesla and Twitter stocks.
Crypto Payments
Twitter users are already able to pay for products and services through the use of cryptocurrency by using a third-party service. But if Musk is successful in integrating crypto payments to the platform, it will be the first time that a major social media platform will accept cryptocurrency.
Musk is a huge supporter of cryptocurrency. As a matter of fact, he has been quoted multiple times saying how it is a new revolutionary technology that will change the future.
Related Article: Elon Musk To Meet Twitter Employees in Virtual Town Hall Meeting; Schedule, Discussions, and Other Details
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Written by April Fowell
