Elon Musk's Twitter Takeover Could Address Crypto Scams, Usher In Bitcoin, Dogecoin Payments

Tesla Inc TSLA CEO Elon Musk addressed cryptocurrency scams and payments in his interaction with Twitter Inc TWTR employees Thursday.
What Happened: The entrepreneur said, “There’s quite a lot of crypto scams on Twitter. It’s gotten better, but there’s still a fair bit of that,” according to a transcript of the interaction published by Vox.

Musk said there are people who operate hundreds of accounts trying to make them look like individuals but they’re not. 

“In order for people to have trust in Twitter, I think it’s extremely important that there be transparency,” said the Tesla CEO.

Musk also touched on the role of cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD and Dogecoin DOGE/USD in Twitter’s future.

Calling money an “essential form of information,” Musk pointed out that money is fundamentally digital at this point and has been for a while.

“I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth.”

Musk said that Twitter could have currency as well as crypto for such transactions, according to Vox. 

See Also: How To Buy Twitter (TWTR) Shares

Why It Matters: Musk labeled news, entertainment and payments as three critical areas for Twitter, Vox reported.

“My goal would be to maximize the usefulness of the service — the more useful it is, the better. And if one can use it to make convenient payments, that’s an increase in usefulness,” said Musk.

Musk’s interaction with Twitter employees took place ahead of a planned buyout of the social media platform. Employees were able to submit written questions for the event.

Price Action: On Thursday, Twitter shares dropped 1.55% lower at $37.40 in the regular session and gained 0.3% in after-hours trading. On the same day, Tesla shares fell 8.5% in the regular trading to $639.30 and declined 0.6% in the after-hours session, according to data from Benzinga Pro.

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