Elon Musk wants to transform Twitter into a platform where users can make purchases and receive money market accounts, said the company’s new CEO.
Musk held a Twitter Spaces audio broadcast on Wednesday to assuage advertisers’ concerns. Some of these companies, including General Motors and Volkswagen, had discontinued their Twitter marketing operations ever since the billionaire took over.
Musk stated on the show that Twitter wants to “enable monetization for creators,” but in order to do so, it needs to be “competitive with the alternatives.” “So it’s kind of a no-brainer move,” Musk continued.
Musk continued by explaining how verified customers who subscribe to Twitter for $8 per month will gain because the company would now be aware that they had been “authenticated through the payment mechanism.”
Now that you have a balance on your account, may you choose to transfer funds to another Twitter user? said Musk. And perhaps we pre-fill their account with information and inform them that they can send $10 anywhere on Twitter by doing so.
If consumers had authenticated bank accounts linked to their Twitter accounts, they could transfer their balance if they wished to “leave out of the system,” he said.
The next phase, according to Musk, is to provide a money market account with a very attractive yield on your balance.
According to him, this might result in Twitter integrating “debit cards, cheques, and whatnot.”
It should be noted that Musk did not guarantee that any of these proposals would materialise; rather, it appeared that he was thinking of them as he went.
According to Jeanine Turner, a professor in Georgetown University’s division for communication, culture, and technology, Musk will probably need a lot more business partners if he wants to give Twitter additional financial capabilities.
The CEO of Twitter has recently adopted a combative attitude against advertisers who are shunning the firm, reportedly warning that “a thermonuclear name & shame is exactly what will happen if this continues.”
The stock price of Tesla, the company he also serves as CEO of, closed at its lowest level since November 2020 as Musk doodles out his ambitions for Twitter. In recent days, Musk has sold over $4 billion worth of shares in his electric vehicle manufacturer.