Elon Musk wants to turn Twitter into a crypto bank

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For Musk, Twitter should be more than just a social networking platform.

Since Elon Musk (51) bought Twitter for $44 billion, no stone has been left unturned. Top managers are leaving the company, thousands of employees are being fired by email. And shortly after that he begged to come back. pure chaos.

The latest twist: US media reports on Musk’s secret plan: He wants to turn Twitter into a bank. He informed about it already on Thursday evening at an internal meeting. But how should a social media platform work as a bank? Credits are apparently planned for all accounts and the most profitable accounts on the market.

Management has already committed

Specifically: People should be able to send money anywhere in the world in real time on Twitter. “This is a transformational opportunity in payments,” says Musk. Another innovation: Users should be able to pay a fee, for example, for a video. Or pay for content behind paywalls.

Musk wouldn’t be Musk if he didn’t set the bar high. It has only one goal: Twitter should become the most profitable account. And “a high-yield money market account, so Twitter credit is the most profitable thing you can do.” So he committed the management to a new project.

Higher interest rates than competitors

Everything should be very simple. Which in turn should allow Musk to pay more interest than others. Or demand lower interest on the debt than the competition. Only: Is the project even legally feasible? Musk is confident. After all, he already has relevant experience as a co-founder of Paypal. (pb)

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