Twitter CEO Elon Musk announced plans to offer banking services through the app during a company meeting.
This would allow users to send and receive money via Twitter. ‘I think there’s this transformative opportunity in payments,’ Musk said. ‘In principle, you can use a direct messaging stack for payments. And so that’s definitely a direction we’re going to go in.’
He also said that he is working on making Twitter a more efficient way to communicate. He wants to reduce the amount of time it takes to compose a tweet. Musk believes that this will make Twitter more appealing to a wider range of users.
The CEO also spoke about the need for employees to work with a ‘maniacal sense of urgency.’ He said that he wants Twitter to be a ‘leaner company that moves faster.’
The comments came during a Q&A session Thursday, which was obtained by The Verge. In the hour-long meeting, Musk was blunt about Twitter’s financial state and his love for “gizmos.”
Elon Musk’s comments come as the social media platform is under pressure to find new revenue sources. The company has been struggling to grow its user base and faces stiff competition from rivals such as TikTok, YouTube Shorts, and Snapchat.