A document submitted to the U.S. Treasury Department’s Financial Crimes Enforcement Network showed that Twitter submitted registration documents last week to pave the way for the company to engage in the payment processing business.
Musk is looking to transform the company after completing its $44 billion acquisition of Twitter on Oct. 27. Immediately after he officially took over Twitter, he launched massive layoffs around the world. On Friday, Twitter notified by email that it would lay off 50% of its workforce in an effort to cut costs. Additionally, the company added subscription features to boost revenue.
Musk is very open to the idea of ​​Twitter as an online platform that could be used for financial transactions. For him, transforming Twitter into a payment processor is a bit like his early years in the internet. In 1999, he co-founded X.com, an online bank that later evolved into PayPal, an electronic payments provider.
Last month, Musk tweeted that the acquisition of Twitter would be the catalyst for the creation of the universal app X. If Twitter can successfully enter the payment business, Musk can effectively take a step towards his goal of creating a "universal application" similar to WeChat.