Elon Musk Details Plans For Twitter, Including Crypto Integration

Tech billionaire Elon Musk, the "Chief Twit" and CEO of Twitter shared his business plans for the micro-blogging site, including making the platform the "app for everything" and the highly anticipated integration of cryptocurrency.

A few days after he took the role of CEO at Twitter, the social media platform is losing millions per day. Musk said he would find ways to generate more revenue for the company. He appeared on Twitter Spaces via a live audio feature and discussed his plans for the platform, including his vision of positioning it as a rival of more than just traditional social networks like Facebook.

"The rate of evolution of Twitter will be an immense step change compared to what it has been in the past," Musk said, adding, "You know, if nothing else, I am a technologist and I can make technology go fast. And that's what you'll see happen at Twitter."

The tech billionaire mentioned allowing Twitter users to send direct messages to celebrities on the platform by paying a fee and introducing "pay-walled" videos.

Musk also spoke about Twitter moving into " debit cards, checks and whatnot," as users connect their online financial accounts to the platform. This innovation is anticipated to serve as the catalyst for Twitter to fully integrate cryptocurrency.

There are rumors online claiming that Binance CEO Changpeng Zhao, more popularly known as CZ, would help Twitter in this aspect, considering that his cryptocurrency exchange company invested $500 million to acquire the platform.

Musk has not yet said anything about Twitter fully embracing crypto, but he teased about the same in April. In a tweet, he had mentioned, "Maybe even an option to pay in Doge?" The tech billionaire is a vocal advocate of cryptocurrency and his electric vehicle company Tesla holds millions worth of Bitcoin.

Musk is also known as the "DOGE Father" for endorsing the world's first dog-themed meme coin and helping it reach its all-time high price in 2021. Recently, he flaunted the Burnt Hair signature scent, a new fragrance under his The Boring Company, which accepted crypto as a form of payment.

The tech billionaire also said in the past that SpaceX would soon accept crypto as payment after Tesla allowed customers to use Dogecoin to purchase its merchandise. Musk will most likely integrate crypto on Twitter but the when and how is still anybody's guess.