😱🔥Breaking News: Elon Musk plans to turn X into a Venmo-style payment application
Elon Musk's takeover of #Twitter has certainly been tumultuous, and with the popular social media platform now private, much of its internal monitoring has been removed from the public spotlight.
But Bloomberg has obtained new documents in which he reveals some details about what's going on behind the curtain of X, formerly Twitter, and what it plans to do next in its quest to become the "everything app." According to documents filed with states by
More specifically, during the period carried out, X's then-Twitter revenue was $1.48 billion. In the top three spots of 2023, #X had a staggering 456 million articles; This could be attributed to mass abandonment of advertisers paying to the platform. It was noted that at the time of Musk's acquisition, advertisers accounted for 90% of his company's revenue, and after surviving Musk's acquisition and critical cuts to what content could and could not be published, advertisers pulled back on ad spending.
What X is planning for the future to fix his calendar-dwindling income, documents reveal that X plans to integrate a Venmo-style payment service called X Payments. This new service acts the same as PayPal and Venmo, allowing users to send and receive money that will be stored in their X accounts.
Additionally, Musk has previously stated that he wants users to be able to open an "extremely high yield" savings account with X.
