Making a payment or operating a financial payment system through a social media app seems like a logical next step for society. We use our mobile phones to shop online, speak to friends, watch TV shows, and even place a bet. The gambling process, by the way, has become much easier online thanks to technological advances, the internet, and mobile phone accessibility. Online slots are one of the most prominent examples of a popular land-based casino game seamlessly transitioning to an online platform.
Amid this development, Twitter has been discussed a lot, after Elon Musk decided to take it over. It’d take a brave person to bet against Elon Musk. His big plan for his latest project is to turn a social media giant into a financial institution. He isn’t known for dreaming small, and his multi-billion-dollar takeover of the San Francisco-based company signaled his intent.
As the world’s richest man, Musk is one of the few who could afford the eye-watering $44 billion price tag placed on the social media behemoth. But, having dipped his fingers into many pies and came out drenched in profit, could Twitter be his first venture where he slips up?
Elon’s Early Days
We’re all glued to our phones in some capacity, and with tens of millions of monthly users, Twitter is the go-to news app for many people. But, it acts as so much more, too, whether as a source of income for digital travel creators or writers looking to develop a platform for themselves.
In addition, millions of people use their mobile phones as a one-stop shop for payments, including contactless. When you look at it from this angle, it is clear to see why Elon wants to use social media to weld two staples of modern society together.
Having taken over the social media giant, he immediately announced big changes, including changes to the executive board and laying off hundreds of employees. It all started quite amicably. Elon carried a sink into the HQ. Thus, making the quip “let that sink in” even more literal; Truly a man of extreme comic intellect.
Many people doubted Musk early on, and the company hadn’t profited for years. He promised to turn this ship around, and slowly but surely, over half a year, he managed to post a profit.
Of course, it has taken painstaking hours, mass layoffs, huge criticisms regarding content moderation, and the announcement that he has reinstalled some of the social media app’s most controversial accounts.
The Next Steps
People doubted Elon Musk at Tesla and challenged plenty of his other business moves. But these people are left looking foolish. Musk has his downsides, we all have them, but business isn’t one of them. He has been the world’s richest man for quite some time, briefly losing the title last year following a ferocious short-sell that hit Tesla, which caused a loss in his net worth in the tens of billions of dollars. Not to mention the almost $50 billion he coughed up to purchase Twitter.
It’s no secret that Elon is a big fan of Dogecoin. The almost useless cryptocurrency became such a colossal crossover pop culture hit during the 2021 cryptocurrency bull run that it featured on Saturday Night Live.
This was the high point for Doge, and although it has increased in price occasionally since, mainly thanks to Elon, it has dwindled. You’d think that this planted a seed for Elon. Suppose he could harness the power of the Dogecoin hysteria and use it to fuel a digital asset that he drives himself through Twitter. In that case, you could be looking at an incredibly profitable investment.
The Bank of Twitter
Having expressed his desire to turn Twitter into one of the world’s most prominent financial institutions, the idea seems highly unlikely and somewhat unbelievable. However, as we have mentioned, dismissing Elon’s grand plans would take a brave person.
Now that he has the enormous zeppelin of a message board in the green, he will want to capitalize on that. It may not be a cryptocurrency that Elon uses. It is essentially implausible. However, even the news of his wanting to turn Twitter into the world’s most significant financial institution excites cryptocurrency enthusiasts.
Whether Twitter will be a place you go to get your credit cards or a mortgage for your first home or a place to open your business account might not be what Elon has in mind. It wouldn’t be Elon’s first attempt at creating a new avenue into payments, having spent time at PayPal before his highly successful Tesla endeavor.
Suppose he can piece a magnet between the immense number of users on Twitter and the hundreds of millions of people who use payment systems on our phones. In that case, it could be another industry where he begins to cause massive disruptive innovation.
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