Elon Musk is a person in a rush.
He needs to maneuver quick.
The new boss and proprietor of the social community Twitter (TWTR) – Get Free Report needs to imprint his mark on the platform, which price him $44 billion.
He had to enter debt of $13 billion with the banks to finance this acquisition, which was eventful at finest. But now, the billionaire needs to seek out new sources of revenue to revive the microblogging web site.
He launched a brand new model of the Twitter Blue subscription service, including the blue authentication badge for the id of the account proprietor, and virtually doubling the worth to $7.99.
But that is not all.
Musk has by no means hidden that his ambition is to make use of Twitter to create a Mega app or an all the pieces platform. An app the place you may socialize, purchase a aircraft ticket, buy groceries or do your grocery buying.
He has simply taken a brand new step on this technique. He needs Twitter to supply cost providers, as a platform the place customers can store, purchase items and be provided cash market accounts.
Payment Services
This is what he instructed advertisers throughout a live-streaming assembly, which occurred on Twitter Spaces on November 9. He was making an attempt to reassure and seduce these advertisers, a few of which like GM (GM) – Get Free Report , Stellantis, (STLA) – Get Free Report, Audi (VLKAF) , General Mills (GIS) – Get Free Report and Pfizer (PFE) – Get Free Report, have at the moment suspended the promotion of their services and products on the social community in anticipation of what content material administration coverage he’ll put in place.
In the printed, Musk defined that Twitter was relying on two pillars for this diversification into monetary providers. The agency will permit creators/influencers to monetize their content material. These creators will, for instance, be capable to cost for sure movies.
Twitter’s plans for creators have to be “competitive with the alternatives” to entice them, the billionaire said, referring to other social media networks such as TikTok, Youtube Shorts and Instagram Reels.
“So there’s a sort of no-brainer transfer,” Musk stated.
Twitter is engaged on a “Paywall Video” characteristic, the idea of which might be to permit creators/influencers to cost customers who need to see a tweet accompanied by a video. Creators may, consequently, find yourself with money balances by monetizing their contents.
The billionaire additionally believes that his new Twitter Blue subscription service, which integrates the paid possibility of account verification, is one other alternative which is able to permit him to turn into a sort of fintech, as the corporate will know that they’ve been verified by the “conventional payment system”, based on the fact that in order to subscribe, they have to pay with their credit or debit card.
Money Transfer + Savings Accounts
He said users could then send money to each other on the platform, by linking their account with their bank account, once they had a cash balance. Twitter could even entice users to move money around, by offering them a small cash award directly into their accounts to get them started.
“Now we are able to say like, OK, you’ve acquired a stability in your account, do you need to ship cash to another person inside Twitter?” Musk stated. “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 will also have the ability to transfer their money from Twitter to authenticated regular bank accounts.
These projects seem to be in an advanced stage, since the New York Times revealed on the same day that Musk and Twitter filed paperwork last week with the authorities to qualify to process payments.
The request was filed with the Treasury Department’s Financial Crimes Enforcement Network or FinCEN. Companies that conduct money transfers, exchange currency or cash checks are required to register with FinCEN, and to report suspicious transactions to the agency.
In the long term, Musk plans to offer the possibility to Twitter users to open bank accounts on the platform, and more particularly savings accounts. To achieve this, he wants Twitter to offer high interest rates to attract users and become a direct competitor of Apple (AAPL) – Get Free Report, which recently launched the Savings Account for Apple credit card holders, in partnership with Goldman Sachs. He also wants to compete with PayPal (PYPL) – Get Free Report and Venmo.
“The subsequent step could be this supply for an especially compelling cash market account the place you get an especially excessive yield in your stability,” the billionaire said.
This could then lead to Twitter offering “debit playing cards, checks and whatnot,” he stated.
Musk has a wealth of expertise in monetary providers. He co-founded X, a monetary providers firm in 1999 in Palo Alto, Calif. X merged in 2000 with software program firm Confinity.com. The merged firm grew to become PayPal.
“Buying Twitter is an accelerant to creating X, the everything app,” the billionaire posted on Twitter on October 4.
He has hinted that his imaginative and prescient for Twitter was corresponding to what he envisioned for X. His mannequin is WeChat, the Chinese tremendous app that provides a number of providers. It mixes social media with funds, video games, messaging, reserving a flight ticket, ordering meals, buying and so on.
“There’s no WeChat equal exterior of China,” Musk told Twitter staff throughout an inner all-hands name on June 16. “You mainly stay on WeChat in China. If we are able to recreate that with Twitter, we’ll be an amazing success.”
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