Financial Services News

Elon Musk aims to add Financial Services to Twitter


In a Financial Times report posted late yesterday, “Elon Musk laid out his long-term vision for bringing payments to Twitter — which could include offering high-yield money market accounts, debit cards and peer-to-peer transactions — as the social media company filed paperwork with US authorities to become a financial services business.


The billionaire entrepreneur outlined his ideas for offering the services during a conversation with advertisers on Twitter Spaces on Monday.


In a signal that Musk is taking steps towards integrating some payments services into the platform, Twitter on Friday registered with the US Treasury as a payments processor, according to filings. Businesses involved in money transfers, currency exchange or cashing cheques are required to inform the Treasury’s Financial Crimes Enforcement Network.


Musk has a history with financial technology: in 1999, he co-founded, one of the first online banks, which later became part of PayPal.


The comments are the strongest signal yet of Musk’s ambition to transform the business he bought for $44bn into an “everything app” modelled after China’s WeChat — which is a one-stop shop for messaging, payments and shopping — although the move would likely open Twitter up to new regulatory challenges.


For more, read the full Financial Times report.


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