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Musk wants Twitter to become a payment platform

by on31 January 2023

Dusts off Dog coin hype

Supreme Twit Elon [look at me] Musk wants to turn Twitter into payment platform to compete with the likes of PayPal, Venmo, and Apple Pay.

According to a report by the Financial Times, Twitter has begun applying for regulatory licenses to become a payment platform in the United States and with the new chums he is hoping to attract to the social notworking site it will be billed as the first payment platform for those without opposible thumbs.

Musk wants to turn Twitter into an "everything app" where you can shop for goods, transfer money to other Twitter users, withdraw balances to an authenticated bank account, and organise your followers in a coup to overthrow democracy and form a fascist dictatorship based around a wealthy elite [we made the last one up for Lols].

When Musk was looking into acquiring Twitter, he claimed it would amass about $1.3 billion in payments revenues by 2028. In line with the license applications, Twitter is also moving ahead with regulatory checks and has applied as well for the necessary state licenses.

According to people familiar with the matter, Twitter's planned payment platform will initially work with regular payment methods and currencies. However, the company plans to support cryptocurrencies in the future.

For those who came in late, Musk adopted Dog coing as a joke leading to a 14,000% surge its value 2021. This was helped in part by Musk’s social media posts and the desire by traders to pump a near-dead coin in a manner similar to stocks like GameStop and AMC.  Then Musk grew bored of that.

Musk had previously claimed he would welcome any official investigation into the effect of his tweets on the price of Dogecoin, but when asked about the potential to see one more price-moving tweet from him, the Tesla CEO responded in the negative.

“No,” said Musk, getting into his car. “Well, that’s it,” he added. “Don’t take too much risk on crypto.”

So, it appears he has changed his mind again.


Last modified on 31 January 2023
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