Elon Musk wants to make Twitter the biggest financial institution in the world

Elon Musk, the world’s richest person, discussed his plans for the future of the company in an email he sent to his employees last week. While Musk told his employees that Twitter’s current value is $20 billion, he announced that the target for the company’s value is $250 billion.

The 51-year-old billionaire stated that he is planning a system in which Twitter users can effortlessly send money to each other through the app, earn interest on deposits and much more.

‘IT IS POSSIBLE TO BE THE LARGEST FINANCIAL INSTITUTION IN THE WORLD’

“I think it is possible to become the largest financial institution in the world,” Musk said at a conference hosted by Morgan Stanley in March. Saying that traditionally, about 90 percent of revenue is from advertising, Musk spoke about his passion for diversifying Twitter.

Speaking at a conference where he discussed his goals for Twitter last year, Musk said, “I’m going to implement X.com’s 22-year-old game plan with a few improvements.” Musk founded X.com in November 1999 and later merged with Confinity to become PayPal.

THE TARGET IS EQUAL TO THE BANKING GIANTS

Musk’s target of $250 billion compares with financial giants like JPMorgan Chase, which has a market capitalization of around $380 billion, and Bank of America, which is worth around $230 billion. PayPal Holdings, which is not technically a bank, is valued at approximately $85 billion.

Analysts believe that as a means of payment, Twitter can significantly increase your revenue. In addition, Twitter has begun to make new moves in this regard. In November, the company took one of the first steps toward becoming a payment processor by filing documents with the US Treasury.