Leaked transcript reveals Elon Musk’s Twitter plans for crypto payments

What

In a call with Twitter employees, Elon Musk outlined his plans for the social media platform, including crypto payments and a crackdown on phishing attacks

Why

The call was the first official conversation between Musk and Twitter executives since he made a bid to buy Twitter in April for $43 billion

What next

The Tesla CEO spoke on the need for Twitter to grow to reach more people, estimating the platform is “useful” for 4-5% of the world, but said he would like this figure to be closer to 50%

The story

Musk also outlined plans for Twitter to incorporate payments. “I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth. And if you have currency as well as crypto. Essentially, whenever somebody would find it useful.”

Twitter’s former CEO and Founder Jack Dorsey had previously rolled out plans to incorporate Bitcoin’s Lightning Network to allow for payments between users. Musk appears to want to push this idea further by also incorporating fiat currency payments.

Musk previously spoke about using Dogecoin as a means of payment on Twitter. This was not mentioned in the call and may not have been a serious proposal.

At the conclusion of the call, Musk said he was not hung up on titles and being officially named CEO of Twitter, but said he planned to “drive the product in a particular direction”. He noted that at Tesla he had renamed himself “Techno King” in a recent SEC filing.

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