Musk proposes turning Twitter into a bank to avoid bankruptcy
Enlarge (credit: SOPA Images / Contributor | LightRocket)
Confidence in Twitter has hit what might be an all-time low just two weeks into Elon Musk's tenure as owner. Yesterday on a call, Musk told Twitter staff that bankruptcy is a real possibility, as next year Twitter could face billions more in losses.
The Verge posted a full transcript of Musk's staff meeting, where different employees attempted to find out what their priorities should be to help Musk keep Twitter afloat as the economy remains unstable. Musk kept his responses brief and said top priorities included growing Twitter's user base by 1 billion (while critically monetizing more users), compensating creators on the platform, and improving Twitter search. In short, he asked his remaining team members to go hardcore" to make Twitter more compelling," so he can sell that product to users, or else resign. One of his biggest and out-there ideas, which he says is "definitely happening," is tweaking Twitter to become a digital payments platform.
If you have a compelling product, people will buy it," Musk told staff. That has been my experience at SpaceX and Tesla."