Esther Crawford, a fast-rising lieutenant to Musk inside Twitter, has started to map out the architecture needed to facilitate payments on the platform with a small team, according to two people familiar with the company’s plans.
The nascent moves to allow payments through the site are a critical part of Musk’s plan to open up fresh revenue streams. Twitter’s $5bn-a-year advertising business has cratered since he bought the platform for $44bn in October, with marketers citing concerns over its management and moderation.
Musk has previously said he wants Twitter to offer fintech services such as peer-to-peer transactions, savings accounts and debit cards, as part of a masterplan to launch an “everything app” that incorporates messaging, payments and commerce. In 1999, Musk co-founded X.com, one of the first online banks, which later became part of payments giant PayPal.