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 X.com, 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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