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Thursday, May 30, 2024

Musk allowed the launch of a money transfer on Twitter

The social network Twitter, which was recently acquired by entrepreneur Elon Musk, may have the ability to transfer money. This Musk, according to CNBC , said during a meeting with advertisers.

Earlier, the new head of Twitter announced the introduction of a monthly fee of $8 for account verification. Musk noted at the meeting that users who pay $8 will be “authenticated by the payment system” and they will have their own account balance.

On Wednesday, Musk hosted a Twitter Spaces audio broadcast to allay the worries of advertisers, some of whom, like General Motors and Volkswagen, have suspended their Twitter ad campaigns since the billionaire took over.

Musk explained during the show that Twitter wants to “allow monetization for creators,” but that in order to attract them, it must do so in a way that is “competitive with the alternatives.”

“Do you want to send money to someone else on Twitter? <…> Okay, you have $10 and you can send it anywhere on Twitter,” Musk said.

Musk continued by explaining how verified users who subscribe to Twitter for $8 per month would gain because the company would now be aware that they have been “authenticated by the payment system.”

He added that users may be able to withdraw funds from Twitter to their bank account.

Now that you have a balance on your account, may you choose to transfer funds to another Twitter user? said Musk. And perhaps we pre-fill their account with information and inform them that they can send $10 anywhere on Twitter by doing so.

If people had authenticated bank accounts linked to their Twitter accounts, they could transfer their balance if they wanted to “exit out of the system,” he said.

“Then the next step would be to offer an extremely attractive money market account to earn extremely high returns on your balance sheet,” the entrepreneur said.

A few days ago, the Twitter CEO warned that “a thermonuclear name & shame is exactly what will happen if this continues” in reference to advertisers who are boycotting the company.

CNBC points out that Musk, while saying all this, was rather “brainstorming on the fly”, and the implementation of these ideas was not discussed.

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