**Twitter Takes Steps Towards Introducing Payment Tools**
**Key Hurdle Passed in Three States**
Since Elon Musk acquired Twitter in late October, the social media platform has been quietly working on a plan to introduce payment tools. Recently, Twitter achieved a significant milestone by securing money transmitter licenses in Michigan, Missouri, and New Hampshire.
**Turning Twitter into an “Everything App”**
Elon Musk’s goal for Twitter is to transform it into an “everything app” similar to WeChat, where users can perform various activities like messaging, shopping, and sending money to others. Musk has expressed his intention to work with Linda Yaccarino, the new CEO of Twitter, to achieve this vision.
**Twitter’s Legacy and Musk’s Plan**
When Musk introduced Yaccarino as the new CEO, he tweeted about turning the platform into “X, the everything app.” This vision was inspired by Musk’s earlier company, X.com, which later merged with a competitor to become PayPal. However, the challenge for Musk lies in executing his ambitious plan, as many experienced individuals who could oversee its implementation have since left the company.
**Musk’s Payment Vision for Twitter**
Musk initially shared his idea of integrating payment services into Twitter in a pitch deck presented to investors. He predicted that payments could generate up to $1.3 billion by 2028. While Twitter’s current revenue from payment services is minimal, it did experiment with Bitcoin tipping under its previous CEO, Jack Dorsey. Twitter Payments LLC, a subsidiary created by Twitter before Musk’s takeover, received the three state licenses required for implementing payment services.
**Regulatory Licenses and Focus on Fiat Payments**
In late January, Twitter began applying for regulatory licenses across the United States to introduce payment services. This task was initially handled by Esther Crawford, a key lieutenant, but she has since been laid off. Initially, Twitter will focus on fiat payment tools, with the possibility of considering cryptocurrencies in the future. While Musk’s company, Tesla, had previously shown interest in Bitcoin, it has since sold a significant portion of its holdings.
**Legal Controversies and Money Transmitter Licenses**
Elon Musk’s support for Dogecoin has attracted attention and controversy, with some skeptics claiming he is intentionally driving up its price. In response, investors filed a lawsuit against him, alleging involvement in a “crypto pyramid scheme.” Musk has requested the dismissal of the case. The acquisition of money transmitter licenses by Twitter is a crucial first step in implementing payment tools. While Twitter would need individual licenses from each state to operate across the United States, there is a system that allows companies to apply for multiple licenses simultaneously.
**Progress and Future Plans**
Twitter’s subsidiary received money transmitter licenses in Michigan, Missouri, and New Hampshire. Although it was initially reported that the company also obtained a license in Utah, this information turned out to be incorrect. It is currently unclear how many licenses Twitter has applied for and when it plans to launch its payment services. Twitter has not provided a comment on the matter.
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