The plans have advertisers worried.
During a live-streamed meeting with Twitter advertisers, hosted on Twitter Spaces on Wednesday, Elon Musk shared his thoughts on the social media platform’s plan to enter the payments market. The plan is to allow Twitter users to send money to others on the platform, extract that cash to external bank accounts and even be offered the option of a high-yield money market account.Twitter last week had filed registration paperwork that would allow it to process payments.
It has been suggested that Twitter may be trying to compete with various social media video providers, such as TikTok, Instagram Reels, YouTube Shorts and others. A report byof a new feature where a tweet with a video could be unlocked for as little as $1.00. This would allow creators to monetize their content. Musk further explained how a payments system could scale, by allowing users who gained a cash balance, to move that money on its platform.
“Now we can say, okay, you’ve got a balance on your account. Do you want to send money to someone else within Twitter? And maybe we pre-populate their account…and say, okay, we’re gonna give you 10 bucks. And you can send it anywhere within Twitter,” Musk asked. Twitter just filed the paperwork to enter the payments business! Elon Musk is going to come full circle and PUT
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