Twitter CEO Elon Musk is determined to make a difference.
The billionaire entrepreneur’s acquisition of the social media giant in October for $44 billion was just the beginning of his ambitions.
This move sets the stage for competition with PayPal, which has faced criticism from Republicans for its reportedly politically charged practices, including the suspension of payments from individuals with opposing views.
According to the Financial Times, Esther Crawford, a rapidly ascending executive under Musk at Twitter, has initiated the creation of a payment architecture plan with the assistance of a small team, as per sources with knowledge of the company’s intentions.
The early steps towards facilitating payments on the site are a crucial aspect of Musk’s strategy to generate new sources of income. The platform’s advertising business, which was worth $5 billion annually, has declined significantly since Musk acquired it for $44 billion in October. Marketers have expressed their worries about the management and moderation of the platform, contributing to this decrease.
As part of his vision for an “everything app” that integrates messaging, payments, and commerce, Musk has expressed a desire for Twitter to provide fintech services, including peer-to-peer transactions, savings accounts, and debit cards.
Musk has a history in the fintech industry, having co-founded X.com in 1999, one of the earliest online banks, which eventually became part of PayPal, a leading payments company.
Twitter is making progress in fulfilling the necessary regulations before launching its payment service.
In November, the company registered with the U.S. Treasury as a payments processor, as stated in a regulatory filing.
Furthermore, Twitter has started applying for the necessary state licenses required to launch the payment service, according to sources.
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