Musk will reportedly build a stock and cryptocurrency trading platform within its walls.
Elon Musk, the South African billionaire behind successful companies like Tesla and SpaceX, has big plans for Twitter, which he recently renamed “X.” He wants to make the social media platform the ultimate financial giant, reportedly building a stock and cryptocurrency trading platform within its walls.
Elon Musk Is Potentially Turning X into a Financial Powerhouse
The news comes after leaked documents suggesting Musk received financial data from anonymous vendors requesting quotes for financial content, real-time stock data and other features. The request for proposals said the following:
“Real-time information is a powerful force, especially in the world of investments. Twitter’s real-time public platform has become the heart of the financial community.”
Musk says he knows nothing about these proposals or the plans behind them, though it’s unclear whether he really has no idea what’s going on or if he’s trying to keep his goals secret for the time being. He said in a separate discussion, “as far as i know, this is not being worked on.”
An e-Toro representative, whose name remains anonymous at press time, made the following statement:
“X is an increasingly important part of the DIY investment community. We are very excited to see how X will develop and are in close contact with the team around future projects.”
Louis Schoeman, CEO of Forex Suggest, also added his two cents and said the following:
“Cryptocurrencies are now a basic part of the financial world, so their inclusion as a payment option for the new twitter platform would make a lot of sense. in April this year, Musk measured that DogeCoin payments could come to twitter when he suggested that DogeCoin could be a payment option for the platform’s premium service, Twitter Blue. The fact that Tesla already accepts DogeCoin payments in its online store sets a precedent for its inclusion in other parts of Musk’s business empire, with X being the next logical step in that process.”
Elon Musk Considers Charging a Fee for Using X (Twitter)
Musk, owner of X (formerly Twitter) has opened the door to charging for the use of the social network. The American businessman assured on Monday that establishing a monthly fee would be a formula to fight bots.
The social network already offers a payment plan called X Premium that costs $8 per month. Subscribers to the service, which was previously known as Twitter Blue, can request verification of their accounts to display the double blue check mark. Additionally, they are eligible to receive advertising revenue if they have achieved at least 15 million impressions on their posts in the last three months and have at least 500 followers.
Doge’s Love Continues
Prior to this, Musk has hinted that he wants to make X the ultimate super app with its own financial capabilities. He even (briefly) changed his X profile photo to the DogeCoin logo, a testament to his long-standing love for the asset. He has toyed with the idea (on several occasions) of making DogeCoin the official payment tool of X and has even referred to it as the “people’s cryptocurrency” in the past.
This behavior is very different from what has been shown regarding Bitcoin, which at one time was going to be allowed among car buyers looking to take home new Tesla vehicles. However, he quickly overturned this decision when he suddenly became concerned about energy use in the mining sector.
By Audy Castaneda
