Twitter to step into payments business - report
Elon Musk's Twitter may be considering getting into "the payments business," as the company is said to be doing the paperwork for it, according to a filing with the Treasury Department's Financial Crimes Enforcement Network (FinCEN), which was seen by The New York Times on Wednesday.
A FinCEN spokeswoman told the newspaper that the agency does not comment on specific businesses. On the other side, Twitter did not respond to a request for comment. However, according to the report, companies that conduct money transfers, exchange currency, or cash checks must register with FinCEN and report suspicious transactions to the agency.
The company's update comes just as it makes profound changes to its business model following the completion of Musk's acquisition.