Twitter Files As A Payment Company

in LeoFinance3 months ago

Details are starting to emerge from Elon Musk about Twitter.

The news of the week, in addition to the Blue Check Verification mess, was that bankruptcy is a possibility. This is what Musk related to the employees. It should come as no seret the financial situation the company finds itself in.

For Musk to turn this platform around, he is going to have to transform it into a financial network. One of the components is to make Twitter a payment company. This will allow it to process payments, similar to PayPal. Of course, according to interviews Musk gave, he has bigger plans. Evidently he outlined a plan 22 years ago when PayPal was forming. His partners did not want to go that far so the idea was discarded.

It appears Musk is ready to pick it up again.



Twitter Files With FinCEN

The paperwork is already underway. Reports are the company filed with U.S. Financial Crimes Enforcement Network (FinCEN) to process payments. This opens an entirely new arena for Twitter if it all goes through.

One of the avenues this could travel is for Twitter to offer debit cards and money market accounts. This will start the process of phasing it deeper into the financial services industry. It is something we discussed on numerous occasions since Musk officially took over the company.

In short, looking at Twitter as a social media outfit is a mistake. There is no way the forward path is simply to offer microblogging services. It will entrail a great deal more.

Musk is inserting Twitter directly in the path of the financial giants. PayPal, Robin Hood, and even JP Morgan could all be affected.

Bet the ranch Musk is thinking big on this one.

Filing with FinCEN is one of the first steps in the process.

Big Risk

Musk is obviously running a huge risk. Dropping $44 billion to buy a company that is borderline bankrupt is over the top to start with. Of course, this is only the tip of the iceberg.

There was a lot of backlash since he took over. Musk operates as a lightning rod, upsetting people no matter what he does. Part of this comes with being the wealthiest person in the world. That said, Musk does have a way of bringing a lot of crap upon himself.

This, naturally, sends shockwaves through those who invest with him. Wall Street and Venture Capital firms are not accustomed to dealing with such a character.

One of the positives that Musk does have going for him is the fact he does bring things to success. Tesla, SpaceX, and even Boring Company are making inroads in their respective industries.

Will Musk turn Twitter into a money maker is a question all are asking. However, we can presume that it will not achieve that end by focusing as a social media entity. That is only going to be one piece of what is offered.

The "Everything App" is certainly worthy of consideration. Finance and commerce are two areas that a digital platform should concentrate upon. This is what can provide enormous profitability to the company.

Musk is not unaccustomed to big bets carrying a lot of risk. This appears to be his modus operandi. Throughout his entire career he was willing to bet it all.

It is a position that should endear a great deal of respect from most. Few can operate with that mindset. Of course, his character flaws make it easy to dislike him and what he says.

Twitter is in for a rough time. Nevertheless, it is evident that change is underway. The outcome is going to be in question for some time but the steps to transformation has already begun.

Musk wants Twitter to be a payment company.

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The internet of money inspire the new greed of corporate america.

It's in for a rough time but I still think it may succeed because Twitter is still the central place for discussions. At least no alternative right now is able to overtake it and that leaves the market open. However, I do hope that some alternative does show up so it won't be the only one out there. Hive just seems too far behind in development to compete right now. Maybe in the future but not now.

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Bang, I did it again... I just rehived your post!
Week 131 of my contest just can now check the winners of the previous week!

One benefit here has that PayPal did not is that he already has millions of global customers.

exactly how I see it too, he has a market and customers if he goes this part and we are really in for so much outcomes and dramas

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Could it be because he overpaid buying Twitter,he now have to use every means to make the money back

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like a typical Nigerian politician.. hehehe

well, I dont think so, he had this planned out and besides, the world has need to move on from just microblogging, we need something more productive.

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Elon seems to be doing the most right now changing the whole outlook of Twitter . Turning twitter into a payment system on the brighter side I feel will enable monetization for content creators and creations .Musk previously said that he wanted to build the everything app, and it seems Twitter will likely accelerate this dream of his in few years to come .

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I think the shakeup of that is great and the direction he wants to head towards is one that I don’t know if it’s a mistake or what. Reminds me of GM and other car companies trying to turn themselves into banks and how that turned out. I guess it’s different with Musk in that he appears to be a lot smarter than those people were at the time so it could have a different outcome.

All of these short term things are what people are too used to. A lot of the Twitter ilk of the world only see what’s in front of their faces because that’s what they were programmed to do. Seeing long term isn’t in the cards for these people and it’s easily visible with how everyone is freaking out.

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