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Competition for PayPal: Elon Musk wants to turn Twitter into a payment service - voila! technology


After the chaos in question, the richest man in the world, and the unexpected new owner of the social network, is planning a rather radical change in the platform. And this is also a competition with Apple

Elon Musk and the Twitter logo (Photo: Reuters)

Twitter is in a turbulent time since the richest man in the world and the founder of the companies Tesla and SpaceX, Elon Musk, purchased it in October for 44 billion dollars.

Now, it seems that Musk is planning to take a pretty significant step that will change the social network - and turn Twitter into a payment platform that will compete with Apple Pay and PayPal.

Musk already detailed his plans to enter the payments market during a meeting with Twitter advertisers hosted in Twitter Spaces, Twitter's voice chat rooms.

Will Twitter become a payment platform that will compete with Apple Pay and PayPal? (Photo: ShutterStock)

According to the Financial Times, the company has applied for the necessary licenses to become a payment platform in the US. The report also mentions that Esther Crawford, Twitter's director of product management, has already started working on the infrastructure of the new service.

The report notes that Musk wants to make Twitter an "everything app."

It was also reported that Musk said he wants Twitter to offer fintech services such as peer-to-peer (P2P) lending, savings accounts and debit cards, as part of a master plan to make Twitter a " An app that has it all" - messaging, payments and commerce. In 1999, Musk founded, one of the first online banks, which later became part of the payments giant PayPal.

As we know, Elon Musk's Twitter adventure is approaching a critical moment.

The company has a debt of 13 billion dollars, and the owner will have to deal with it in the near future when he will have to pay off the first note and pay interest.

With or without contact, he is putting the company up for sale.

I mean, physically - the contents of it.

After firing most of the company's workforce, Musk is putting up for auction valuable objects, and not just furniture, but also highly symbolic elements.

For example, a large neon bulb in the shape of the bird, the symbol of Twitter, had a price tag of $35,000 attached.

  • technology

  • news


  • Elon Musk

  • Twitter

Source: walla

All tech articles on 2023-01-31

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