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Twitter Will Provide Banking Services

Twitter’s new owner, Elon Musk1, reportedly said at employee meeting No. 1 that Twitter would become a banking and (international) payments company. PayPal 2.0, in other words.

Elon Musk founded the online bank X.com2 in 1999 and merged it with Confinity the following year to create PayPal, so this is familiar territory for him. Back then there was only email, but if you have a DM platform with this many users, he believes you can build something better on top of it. Since he originally created a bank, he would also establish solid connections with existing financial institutions. It would probably become almost completely seamless. It sounds likely to become a very convenient platform for money transfers and payments. If international remittances also become possible through it, the impact will be substantial in many areas. KYC, however, will be a challenge.

Twitter Will Also Provide Video Services and Give Creators Better Revenue Opportunities

It also appears that users will be able to upload videos, including long videos. At present, the only option is to upload them to YouTube or another service and post the link, but this would allow everything to be completed within Twitter. Creators would also be able to earn more revenue than they can from YouTube and similar services. In terms of the user experience, he seems to be envisioning something like TikTok.

On Remote Work

He also discussed remote work. Employees should, in principle, come to the office, while those who perform well may work remotely. He said this policy is shared with SpaceX and Tesla.

For more details on the above, please see The Verge’s “Inside Elon Musk’s first meeting with Twitter employees.”

Footnotes

  1. Elon Mask
  2. In 2017, Musk bought the X.com domain back from PayPal.

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