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Elon Musk details his plan to turn Twitter into a bank (It - Musk - is getting crazier.)
Tweet from the Verge, then link to the article and an excerpt:
Link to tweet
https://www.theverge.com/2022/11/10/23452488/elon-musk-twitter-bank-q-and-a
Elon Musk seems intent on turning Twitter into a bank, complete with what he describes as a “high-yield money market account,” debit cards, checks, and loans. He described his plans during a last-minute meeting with staff today, and you can read a full transcript of that here.
Musk broached the topic of payments during his introduction, saying that “I think there’s this transformative opportunity in payments,” adding that the goal is “enabling people on Twitter to able to send money anywhere in the world instantly and in real-time. We just want to make it as useful as possible.” He said that the feature, along with “video content and compensating content creators” and improving search, is a “high priority.”
What will TaaPS (Twitter as a Payment Service) look like? Imagine if every verified Twitter user gets a balance, which they can use to send money to “anywhere in the system.” In theory, that could mean something like tipping other users or paying for paywalled video content, a feature that’s reportedly been floated at the company.
Twitter will set up a “high-yield money market account so that having a Twitter balance is the highest-yield thing that you can do,” according to Musk. Instead of traditional banks’ “complex and expensive” system of credit cards, savings and checking accounts, CDs, and the like, Musk says you’ll have “one balance on Twitter that can simply go positive or a negative.” He said this will let Twitter pay more in interest for positive accounts and charge less interest for accounts in the red.
-snip-
Musk broached the topic of payments during his introduction, saying that “I think there’s this transformative opportunity in payments,” adding that the goal is “enabling people on Twitter to able to send money anywhere in the world instantly and in real-time. We just want to make it as useful as possible.” He said that the feature, along with “video content and compensating content creators” and improving search, is a “high priority.”
What will TaaPS (Twitter as a Payment Service) look like? Imagine if every verified Twitter user gets a balance, which they can use to send money to “anywhere in the system.” In theory, that could mean something like tipping other users or paying for paywalled video content, a feature that’s reportedly been floated at the company.
Twitter will set up a “high-yield money market account so that having a Twitter balance is the highest-yield thing that you can do,” according to Musk. Instead of traditional banks’ “complex and expensive” system of credit cards, savings and checking accounts, CDs, and the like, Musk says you’ll have “one balance on Twitter that can simply go positive or a negative.” He said this will let Twitter pay more in interest for positive accounts and charge less interest for accounts in the red.
-snip-
Link to that transcript:
https://www.theverge.com/2022/11/10/23452196/elon-musk-twitter-employee-meeting-q-and-a
26 replies
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This is a Wendy’s drive thru, and we don’t take that card here …
✌🏻
