Elon Musk Hints Twitter to Accept Crypto Payments if he Takes Over

ByEdward Thompson

Jun 19, 2022


Elon Musk, the chief executive of Tesla, has suggested that crypto payments may be integrated into Twitter. He met the employees of twitter for the first time in an all-hands meeting and told them that his aim would be to make the most of the service.

Musk Speaks to Twitter Employees

The CEO of Tesla and SpaceX might end up becoming the new owner of social platform Twitter Inc. Last Thursday, he had his first meeting with the company’s employees. The executive answered numerous questions about how he will run the company if he is successful in his bid to buy it. However, it should be noted that the deal in question worth $44 billion has been put on hold.

As a matter of fact, Musk has accused the company of making a material breach in the agreement. A transcript of the meeting was leaked, as was a video and they showed that Musk made a mention of cryptocurrencies a number of times.

The chief marketing officer at Twitter, Leslie Bernard had asked him to discuss Twitter and payments. The Tesla boss responded to the request by saying that money is also a kind of information and is digital. He also elaborated that integrating payments into Twitter makes sense because sending payments back and forth would become easier. He added that this applied to both fiat and crypto, as the goal was to offer whatever people would find useful.

Hence, he clarified that his purpose was to make the service useful as much as possible. He said that if it can be used for making payments conveniently, then it would enhance its usefulness.

Problems at Twitter

Berland also questioned Musk about some of the problems that Twitter has to deal with. The Tesla boss stated that there was no doubt that spam and bot accounts were a problem on the platform. He added that crypto scams are also rampant. He went on to say that even though it had gotten better, they still exist.

He also stated that some people are not bots, but they still operate hundreds of accounts and pretend to be individuals, when they are not. Musk had mentioned the problem of spam bots on Twitter previously as well. He had called them Twitter’s single most annoying issue and he vowed that he would defeat the problem.

Ensuring Transparency

Musk also informed the employees at Twitter that transparency is important to him. He said that he wanted an open source algorithm, which could be critiqued by people in order to help improve it and also for identifying any bugs, or even bias. The Spacex boss stated that ensuring transparency would help them establish trust.

He said that trust is of the utmost importance and then comes the usefulness and the other areas. He also asserted that free speech is also necessary, as long as it is in the context of the law. He said that they couldn’t flout the law, as they would be shut down.

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