A document submitted to the U.S. Treasury Department’s Financial Crimes Enforcement Network shows that Twitter filed registration papers last week to pave the way for the company to engage in the payment processing business, foreign media reported.
Elon Musk is looking to transform the company after completing the acquisition of Twitter for $44 billion on Oct. 27. Immediately after officially taking over Twitter, he launched massive layoffs around the world.
Twitter laid off 50 percent of its employees in an email notification to cut costs. In addition, the company added subscription features to boost revenue.
Elon Musk is very open to the idea of Twitter as an online platform that can be used for financial transactions. For him, transforming Twitter into a payment processor is a bit like his early days in the Internet, when he helped create the online bank X.com in 1999, which later evolved into the electronic payment provider PayPal.
Last month, Elon Musk tweeted that the acquisition of Twitter would be the catalyst for creating the universal app X. If Twitter can successfully enter the payments business, Elon Musk could effectively take a step toward his goal of creating a “universal app” similar to WeChat, according to the media.
