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- On a Twitter Spaces live-streaming call, Elon Musk announced that he might add a high-yield savings feature to Twitter.
- Twitter creators could be allowed to charge as little as $1 to access paywalled content.
- Money earned from payroll content would sit in the creator’s account, which would act as a high-yield savings account.
In a live streaming meeting held on Twitter Spaces on Wednesday, November 9, Elon Musk said that Twitter may begin offering a high-yield money market account for money earned through content with paywalls.
Twitter is reportedly working on a “Paywalled Video” feature that would allow creators to charge users to access their content and allow the company to compete with video platforms like Instagram Reels, TikTok, and YouTube Shorts. With this feature, creators could charge users as little as $1 to access their paywall content, and creators would have money balance in their Twitter accounts.
A high yield savings account helps you earn passive income
A high-yield money market account, like a high-yield savings account, is a type of savings account that pays much higher interest rates than a regular savings account. Traditional savings accounts usually offer interest rates below 1%, while high-yield savings accounts can earn you more than 3% interest.
For example, if you had $10,000 in a high yield savings account with 3% interest, compounding daily for five years, you would earn about $1,618 in interest without lifting a finger. Interest rates can change depending on the economy, but overall, it’s still better to keep your money in a high-yield savings account if you want to grow it.
Financial planners recommend keeping your emergency savings fund in high-yield savings accounts because they are liquid and easy to access. Musk apparently plans to offer a high-yield savings account to Twitter users who plan to keep their money there, once Twitter’s content paywalls are established.
High Yield Savings Rates Today
Offering a high-yield savings account could start many changes at Twitter
Musk’s divisive decision to charge $7.99 a month for Twitter verification and sporadic employee layoffs have been criticized by longtime Twitter users. Since Musk took over, 1.3 million users have left Twitter, according to a report from MIT Technology Review. The Tesla CEO’s plans to add content to pay walls, new payment systems, and a high-yield savings account could encourage further returns.
High-yield payments and savings added to Twitter may be the tip of the iceberg; One fintech executive thinks Musk could build a “super app” that goes beyond social media to include ride-hailing, food delivery, and more.