Key Insights
- Elon Musk plans to make Twitter an “everything app” for finances by 2024, allowing users to send money, invest, and replace bank accounts.
- Twitter is working on obtaining money transmitter licenses across the U.S. to enable financial services on the platform.
- Musk’s goal is to have all aspects of users’ financial lives take place on Twitter, beyond just sending money to friends.
Twitter CEO Elon Musk revealed ambitious plans to transform the social media platform into an all-encompassing financial services provider during a company meeting on Thursday.
According to audio of the meeting obtained by technology website The Verge, Musk aims to roll out features in 2024 that will allow Twitter users to conduct all aspects of financial life through the app. That includes sending money, investing, and potentially even replacing traditional bank accounts.
“When I say payments, I actually mean someone’s entire financial life,” Musk was quoted as saying. “If it involves money. It’ll be on our platform. Money or securities or whatever. So it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
Making Twitter an All-Encompassing Finance App
The announcement aligns with Musk’s previously stated goal of making Twitter the “everything app” after acquiring the company in October. However, the latest product roadmap marks perhaps Musk’s most ambitious vision yet.
To enable financial services, Twitter is currently working to secure money transmitter licenses in states across the U.S., according to the report. The licenses could allow users to send funds, trade securities, and store value, essentially turning Twitter into a digital bank.
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The plan will likely face immense regulatory scrutiny, as regulators clamp down on cryptocurrency lending products and other fintech services. Some experts also question whether users will embrace Twitter as tool for sensitive financial activities.
Nonetheless, Musk appears undeterred in radically transforming the platform he purchased for $44 billion. If successful, the move could significantly diversify Twitter’s revenue beyond just advertising, while also expanding its utility for millions of users.
But the “everything app” won’t happen overnight. For now, Twitter users will have to rely on traditional financial services as the company charts its ambitious course.