Twitter has begun applying for regulatory licenses across the US and designing the software required to introduce payments across the social media platform, as Elon Musk searches for new revenues to turnaround the business.
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.
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