Elon Musk Explains His Idea for Twitter Payments System

UTC by Sanaa Sharma · 3 min read
Elon Musk Explains His Idea for Twitter Payments System
Photo: Shutterstock

Musk described how paid verification, which will now be offered with its reinvented Twitter Blue subscription, along with help from the creators’ community, would be able to steer the site towards a payments system on the platform.

Business mogul Elon Musk described some more of his ideas for the newly-acquired social media platform Twitter, ensuring the advertisers that he had acknowledged their issues of hate speech and misinformation on the platform. Musk is working towards reinventing the entire landscape of Twitter with new developments including but not limited to a payments system.

In a live-streamed discussion with Twitter advertisers, Musk talked for over an hour and answered questions from the spokespersons of the advertising space. It was also broadcast live on the site, where more than 100,000 people heard him.

Throughout the discussion, Musk maintained that he had not attempted to make any drastic changes with the moderation of undignified content on the site, but emphasized his idea of verifying the account with the $8 charge to reduce the amount of hate overall.

Last month, after finishing the acquisition process of Twitter, Elon Musk’s regime instantly fired four of the firm’s senior-most leaders. As a substitute, he introduced a small group of lieutenants to evaluate the company and commence experimenting with his ‘vision’. The group includes Musk’s lawyer, his chief of staff, a couple of investor friends, and an ex-Twitter official who resigned from the company a while ago.

The new authority had viciously begun laying people off while describing the company’s moderation ideas and asking employees to be working on a paid verification feature.

In the meeting, Elon Musk also explained the company’s new project of introducing a feature where users could send money to others on the site. They will also be able to extract funds to authorized bank accounts, and eventually, be presented with a good-yield money market account to foster the movement of capital onto the platform.

The new statement comes after a report in The New York Times which verified the rumor that Twitter had filed registration paperwork that would enable it to carry out payments. In the meeting, Musk described how paid verification, which will now be offered with its reinvented Twitter Blue subscription, along with help from the creators’ community, would be able to steer the site towards a payments system on the platform.

Moreover, Musk has an understanding of the payments business, as he had previously established a digital payments firm called X.com. It was quite evident that he would dive into this opportunity as and when it showed up.

However, his ideas are still not very convincing for the advertisers of the company, who have apprehensions about Twitter’s long-term commitment to their goals. With the introduction of paid subscriptions, there could be a possible low requirement of advertisement dollars. Musk in the meeting did try to console the ad community by asserting that Twitter will be ‘thinking’ about safeguarding the advertisers’ brand safety.

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Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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