Tue Jan 31, 2023 – 6:17 pm EST
(LifeSiteNews) — Billionaire tech mogul, SpaceX founder, and Tesla CEO Elon Musk is reportedly moving forward with plans to make his recent acquisition, social media platform Twitter, a payments processor like Paypal, Cash App, and Venmo. The move may be connected to Musk’s previously stated interest in a so-called “everything app” that would comprehensively incorporate shopping, payments, and social media.
According to a Monday report by The Financial Times, Musk’s Twitter has already started the process of developing software and applying for regulatory licenses to add the payments component to the platform.
Elon Musk has said he wants Twitter to offer fintech services such as peer-to-peer transactions, savings accounts and debit cards, as part of a master plan to launch an ‘everything app’ that incorporates messaging, payments and commerce https://t.co/P8fue5g7oQ pic.twitter.com/Tvh5YpV6uf
— Financial Times (@FinancialTimes) January 31, 2023
The outlet cited “two people familiar with the company’s plans,” who said that Twitter has starting applying for state licenses after filing to be a payments processor with the U.S. Treasury in November.
Musk could be making the move in a bid to restore lost revenue as marketers pull
The remainder of this article is available in its entirety at LifeSite News
The views expressed in this news alert by the author do not directly represent that of The Christian Journal or its editors