Tesla CEO Elon Musk has suggested integrating crypto payments into Twitter. “My goal would be to maximize the utility of the service,” he told Twitter employees in his first all-hands meeting with them.

Twitter’s first all-hands meeting with Elon Musk on crypto payments integration

Tesla and Spacex CEO Elon Musk, who may become the new owner of Twitter Inc., held his first all-hands meeting with Twitter staff on Thursday.

Musk answered many questions about how he plans to run the social media company if his bid to buy Twitter is successful. However, the $44 billion deal is currently on hold, and Musk has accused Twitter of a material breach of the merger agreement.

During the meeting, Musk mentioned crypto a few times, according to a leaked transcript of the meeting and a leaked video posted by Project Veritas.

Twitter’s chief marketing officer Leslie Berland asked Musk, “Can you talk a little bit about Twitter and payments?”

The Tesla boss first noted that “money is essentially a form of information,” adding that it is “fundamentally digital.” He added:

I think it would make sense to integrate payments with Twitter so it’s easy to send money back and forth, and fiat currency as well as crypto – essentially anything someone would find useful.

“So my goal would be to maximize the utility of the service – the more useful it is, the better. And if you can use it to pay conveniently, that increases the benefit,” he clarified.

Crypto scams and spam accounts

Berland also asked Musk about some issues he sees on Twitter. The Tesla CEO replied:

There is definitely a constant challenge on Twitter with bot accounts and spam accounts. There are quite a lot of crypto scams on Twitter.

“It’s gotten better, but there’s still a fair bit of it left,” he continued. “There are also people who aren’t necessarily bots but who may be operating. You know, one person runs hundreds of accounts and tries to make them look like individuals, but they’re not.”

Musk previously said the spam bot is the most annoying problem on Twitter, and he vowed to defeat it “or die trying” if his bid to buy the social media platform is successful.

Transparency, trust and freedom of expression

Musk went on to tell Twitter workers, “I think it’s extremely important that there is transparency. That’s why I’m in favor of the algorithm being open source, so people can critique it, improve it, identify potential flaws or biases.”

“Transparency obviously increases trust,” emphasized the Spacex boss:

I think trust is extremely important, and then just the usefulness of the system – it’s incredibly important to get rid of some kind of troll farms and bots and spam.

Regarding free speech, Musk said, “I think it’s important to have freedom of speech and to be able to communicate freely… It’s free speech in the context of the law. So I’m not talking about suggesting that we’re just breaking the law because in that case we’re just going to be shut down.”

What are your thoughts on how Elon Musk will run Twitter? Let us know in the comment section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.

photo credit: Shutterstock, Pixabay, WikiCommons

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