Breaking: Twitter Files Paperwork to Enter Payments Business

Elon Musk, the new owner of Twitter, has been attempting to increase revenue at the social media firm. The micro-blogging website, this week submitted registration documents to the Financial Crimes Enforcement Network, or FinCEN, of the Treasury Department. Following his $44 billion acquisition of Twitter last month, Mr. Musk is making the change in an effort to modernize and incentivize the company.

Businesses that transfer money, swap currencies, or pay checks must register with FinCEN and submit reports of any questionable transactions to the organization. According to a FinCEN spokeswoman, the organization declined to comment on specific companies.

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For Mr. Musk, transitioning Twitter into a payment processor would be sort of a throwback to his early days in the internet sector. He contributed to the 1999 launch of X.com, an online bank that later evolved into PayPal, a provider of electronic payments.

Elon Musk, the self-described “free speech absolutist”, aims to create a council to assist in making such judgments, and has also suggested modifying several of Twitter’s content guidelines.

He has already created shockwaves in the industry by announcing an $8 fee per month for users who wish to verify their accounts on the platform.

Paywall bypass, priority in answers, mentions, and searches, as well as the option to publish lengthy audio and video, will all get included in the $8 monthly fee.