Musk Expresses Optimism of Twitter Becoming The Biggest Financial Institution in The World

Twitter CEO Elon Musk in a recent interview with Wall Street Journal (WSJ) expressed optimism about the social media platform becoming the biggest financial institution in the world.

Musk who is exploring new ways to increase Twitter’s revenue since his takeover last year October, is attempting to expand the platform’s capabilities to include payment processing services that could rival payment giant PayPal.

He believes that Twitter which has a valuation of around $20 billion could see it skyrocket 10 times more as it plans to make the app a part of users’ financial lives.

Moving forward with plans to introduce a payments feature on Twitter, it is interesting to note that, Musk has already applied for regulatory licenses across the US, and regulatory filing revealed that Twitter has already been registered as a payments processor with the U.S. Treasury in November.

The ultimate goal of this expansion is to transform Twitter into a comprehensive payment gateway solution, incorporating traditional bank accounts, cryptocurrencies, and other financial services. The payments project is part of Musk’s effort to significantly increase Twitter’s revenue, which he revealed in a leaked pitch deck in May last year.

If Twitter eventually enters the payments space, it will have to rival top competitors such as Apple Pay and PayPal. However, Musk is one who has track record of experience in the financial industry, as one of his first projects was the online bank X.com which later became a part of PayPal.

If Twitter eventually begins to offer financial services, it would be another step in Musk’s plan to create an “everything app” that would offer numerous services. Recall that just before he acquired the microblogging platform, Musk last year October had tweeted that buying Twitter would be an accelerant to creating X, the everything app.

Investors King understands that Musk who is also a huge fan of cryptocurrency, aims to provide users with the ability to reward creators directly, offering a system for users to purchase items through the platform and pay each other directly. The system is expected to be fiat-based, with the potential for cryptocurrency integration in the future.