Elon Musk wants to turn social network X into PayPal

Fox Business News correspondent Charles Gasparino claims that Elon Musk can turn Platform X (formerly Twitter) into an updated PayPal. The journalist said that the billionaire discussed the future of the social network with Wall Street top managers.

The Fox media outlet suggested that Musk was leaning toward turning X into a new payment system. According to Gasparino, this system would offer lower transaction costs compared to credit cards and could potentially monetize user information.

«It looks like, from what I’m told, they’ve settled on a new 'fancy' payment system, an updated version of PayPal. It will offer low transaction costs (unlike credit cards) and monetize user information,» Gasparino tweeted.

The rumors about Musk’s actions came as PayPal recently introduced its own stablecoin PYUSD, trying to fill the gap left by the abandoned Meta Libra token.

Earlier, Musk denied rumors that X would launch its own cryptocurrency to compete with the strongest virtual coins on the market — Bitcoin, Ethereum, and XRP. Instead, the businessman reiterated his commitment to cryptocurrencies, in particular, the Dogecoin (DOGE) meme coin.

However, it remains to be seen whether Dogecoin will find a place on X if the platform does turn into a payment application.