Twitter Files Paperwork to Enter the Payments Business

Mr. Musk, the social media service’s new owner, has been looking for ways to generate more revenue at the company.

With little warning, in front of hordes of listeners, Elon Musk on Wednesday laid out his most comprehensive overview for Twitter’s business since he took control of the company less than two weeks ago.

In a gathering on Spaces, Twitter’s live audio feature, Mr. Musk spent an hour on Wednesday morning talking about his plans for the social media service, positioning it as a competitor to more than just classic social networks like Facebook.

The world’s richest man said Twitter would make money from content creators and delve deeper into video, business segments that TikTok has mastered. He discussed a vision for Twitter to process payments, complete with connected debit cards and bank accounts, which echoed PayPal, the digital payments company he helped found. Mr. Musk has said that he ultimately hopes to transform Twitter into an “everything app” modeled after WeChat, a Chinese social media platform that is used by more than a billion people to find news, hail cabs and order food.

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