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As per a Financial Times report, the CEO of Twitter Payments LLC, Esther Crawford, is working with a small team of developers to make a blueprint for payments on the platform. As Twitter pivots in strategy, searching for new avenues to increase revenue, Elon looks ready to join cryptocurrency and the social media giant officially.
Elon Musk is keen to add cryptocurrencies to Twitter’s future payment methods and has apparently instructed developers to create payment infrastructure in such a way as to allow for it.
The CEO of Tesla acquired Twitter in October 2022 for $44 billion, attracting controversies and court cases related to the social media company’s purchase. Since the acquisition, Twitter has gone through job cuts, restructuring, and a lot of brainstorming when it comes to creating new revenue streams.
These developments for a new payment platform fall in line with Elon’s larger vision to create an “everything app.” that would allow for payments, messaging and commerce. Users would be able to purchase products as well.
Dogecoin, one of Elon’s favored cryptocurrencies, rose 6% in price after the announcement regarding Twitter payments. This increase has been part of a larger trend connected to Elon Musk’s tweets. Every time Elon mentioned dogecoin or crypto in a tweet that was construed as positive, the meme coin went up in value. One instance of this positive effect was when Elon moved into Twitter’s HQ, as part of the takeover of the company. The price of Dogecoin increased by 22% in response.
Plans to create revenue from payment systems for Twitter went as far back as May 2022, when Elon Musk pitched the idea to investors with a plan to raise $1.3 billion by 2028.
According to the Atlantic, 90% of all revenue came from advertisements before Musk took over. This move in revenue restructuring could be hard to achieve without relying on brands at least for the short term.
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