Big ambitions? Twitter CEO Elon Musk wants the company to become the world’s largest financial institution. Zoom in on the future envisaged by the billionaire
Elon Musk thinks big for Twitter
Twitter’s CEO spoke at a Morgan Stanley conference yesterday. Elon Musk has for several months resolutely oriented the strategy of the social network towards payments, and he intends to go even further. When asked about the future of Twitter, he said:
“I’m going to be the first one to use Twitter.
I think it’s possible for us to become the largest financial institution in the world, just by providing people with convenient ways to pay.
Musk has already spoken of his ambition to make Twitter a “super app”, not just a social network. This will probably involve its transformation or integration with the future X.com application. The CEO intends to compete with PayPal on its own ground, and to offer a “powerful financial solution” to the general public.
A long way to go
For now, the project is still in its infancy, and it could be difficult to complete. As a reminder, Twitter is currently unprofitable, and confidence in the social network’s development has been somewhat shaken – especially among shareholders.
Initially, Musk envisioned a blockchain-based Twitter, with messages that would be made as microtransactions. But he abandoned the idea, anticipating scalability problems. However, the CEO wants Twitter to become a payment application, with a dedicated wallet.
Earlier this year, it was reported that Twitter was working on future banking services, and was considering the provision of bank cards and savings accounts. Musk has also not closed the door on cryptocurrencies, which could be compatible in the future. However, he recently quipped about his disinterest in cryptocurrencies:
“I used to be in crypto, but now I got interested in AI “
– Elon Musk (@elonmusk) March 3, 2023
“I used to be into cryptos, but now I’m interested in artificial intelligence. “
The moods of Twitter’s CEO are particularly changeable, so we’ll be following Twitter’s developments carefully, and its possible transformation into a payment network.
