paid twitter It could be a reality sooner than previously thought.
In accordance with The New York Times, Twitter would have presented last week the documentation required for the social network to enter the payment businessaccording to a document delivered to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
NYT explains that companies that carry out money transfers, currency exchange or cash checks they must register with FinCEN and report suspicious transactions to the agency.
A FinCEN spokeswoman told the US daily that the agency does not comment on specific businesses.
The new owner of the social network, the billionaire Elon Musk expressed his intention to turn Twitter into a paid social network since before closing the purchase deal last month for 44 billion dollars.
Since May 3, Musk wrote a tweet in which he explained his intention to implement a small charge to accounts with business or government interestswhile for casual users the service will remain free.
Just on November 2, when Musk’s deal with the company was closed, The Washington Post, pointed out that among the billionaire’s plans is a new function that will allow people post videos and charge users to watch them.
The change to a paid social network would be another of the changes that the businessman has begun to implement since he acquired the company.
As soon as the deal was done, Musk moved quickly to check out the social media service, laid off half its workforce last week and added subscription features to increase revenue.
NYT He details that turning Twitter into a payment processor would be a kind of throwback for Musk to his early days in the tech industry.
In 1999, he helped found X.com, an online bank that later became the PayPal digital payment company. Musk, 51, has often mused about adding payments to Twitter, saying he planned to transform the social networking service into a “application of everything”.