Elon Musk to Twitter employees: "We will become a bank"

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Elon Musk to Twitter employees: "We will become a bank"

Elon Musk, during a meeting with all Twitter employees, talked about the future plans that involve the famous social media, transforming it into a bank. After the first wave of layoffs, Musk explained the company's next steps to increase revenue and have a positive balance sheet.

Not everyone is convinced though. Twitter security officials Lea Kissner, Chief Information Security Officer, Damien Kieran Chief Privacy Officer, and Marianne Fogarty, Chief Compliance Officer, have decided to quit their jobs.

The new Twitter CEO will introduce the ability to make payments via Twitter. Old goals, in fact, like Musk did at the time with PayPal. Musk explained: "Payments are really just an exchange of information. From an information point of view, there isn't a big difference, say, between sending a direct message and sending a payment.

They are basically the same thing. This is definitely one direction we will go in, allowing people on Twitter to send money anywhere in the world instantly and in real time. We just want to make it as useful as possible."

Twitter owner about risks of bankruptcy

Just a few hours earlier, the new Twitter owner told staff at a meeting that the company has such severe financial problems that bankruptcy is not out of the question unless it starts generating more revenue, according to reports.

The billionaire privately expressed a grim outlook for Twitter's future. Musk told employees of the company, which he acquired two weeks ago after spending months trying to back out of the $ 44 billion acquisition, that he expects Twitter to have negative net cash flow of several billion dollars in 2023, as reported by Information.

Last week, the billionaire reported a loss of $ 4 million a day to Twitter, as well as posting a tweet saying "a huge drop in revenue" due to companies suspending advertising purchases on the platform. partly due to moderation issues. A situation that worsened on Thursday with Chipotle having withdrawn the ads.