Musk Sees Logic for Twitter as a Crypto Payments Platform

Musk Sees Logic for Twitter as a Crypto Payments Platform

The Tesla CEO has agreed to purchase Twitter for about $44 billion and spoke Thursday at an all-hands meeting for the social network company.

Billionaire Elon Musk said it “makes sense” to integrate digital payments into Twitter (TWTR).

  • “Money is fundamentally digital at this point and has been for a while,” Musk said, speaking at a virtual all-hands meeting for Twitter. “It would make sense to integrate payments into Twitter so it’s easy to send money back and forth.”
  • Musk, who serves as CEO of Tesla and SpaceX, has an agreement in place to purchase Twitter for $44 billion. Despite some public wavering about completing the deal, the purchase appears to be on track, and Musk’s attendance at Thursday’s meeting suggests some level of commitment.
  • Twitter has already tiptoed into cryptocurrency, incorporating bitcoin (BTC) tipping in 2021 under then-CEO Jack Dorsey, and adding ether (ETH) functionality early this year. Twitter also became the first company to try out a new program from payments processor Stripe, which in April announced a feature enabling payments in USDC via Polygon.
  • In other news, a U.S. citizen is attempting to sue Musk, SpaceX and Tesla for $258 billion on behalf of investors that were allegedly defrauded by what he claims is a dogecoin (DOGE) pyramid scheme.
  • Musk has previously been supportive of dogecoin, most recently saying in May that merchandise for SpaceX would soon be able to be bought with that meme coin, just as it can be for Tesla merchandise.

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