Elon Musk brainstorms plans for how payments could work on Twitter

A video grab taken from a video posted on the Twitter account of billionaire Tesla chief Elon Musk on October 26, 2022 shows himself carrying a sink as he enters the Twitter headquarters in San Francisco. Elon Musk changed his Twitter profile to “Chief Twit” and posted video of himself walking into the social network’s California headquarters carrying a sink, days before his contentious takeover of the company must be finalized.

A place where people can shop for goods and be offered money market accounts will be created by the new CEO of the social media company.

Musk held an audio broadcast on Wednesday to make up for the fact that some advertisers have paused their campaigns since he took over.

Musk said during the broadcast that it needs to do so in a way that is competitive with the alternatives to entice creators.

There is a sort of no-brainer move.

The company will know that verified users who pay an $8 monthly subscription are authentic because they have been verified by the payment system.

If you have a balance on your account, we can tell you if you want to send money to another person. Musk spoke. We might pre-populate their account with the information we need so that we can give them 10 bucks and send it to them.

If people wanted to leave the system, they would be able to do so with the help of their bank accounts.

Musk said that the next step was to offer an extremely compelling money market account.

He said that addingdebit cards, checks and whatnot could happen.

It should be noted that Musk wasn't saying that any of these plans would come to be, but that he was thinking of them.

Jeanine Turner, a professor in Georgetown University's communication, culture and technology program, told CNBC that Musk will likely need many commerce partners if he wants to add more financial features to the micro-blogging site.

A thermonuclear name and shame is exactly what will happen if advertisers boycott the company, according to the CEO.

As Musk sketches out his plans for social media, shares in his company closed at their lowest point in more than a year. In the last few days, Musk has sold more than $4 billion worth of shares in his company.

There are huge opportunities at the micro-blogging site.