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- During a live call on Twitter Spaces, Elon Musk announced that he could add a high productivity saving feature to Twitter.
- Twitter creators may be allowed to charge as little as $1 to access paid content.
- Money earned from paid content will reside in the creator’s account, which will act like a high-yield savings account.
During a live-streamed meeting held on Twitter Spaces on Wednesday, November 9, Elon Musk said Twitter could start offering a high-yield money market account for money through via paid-walled content.
Twitter is reportedly developing a “Fee Walled Video” feature that would allow creators to charge users for access to their content and allow the company to compete with video platforms like Instagram Reels, TikTok, and YouTube Shorts. . With this feature, creators can charge as little as $1 for users to access their premium content, and creators will have a cash balance in their Twitter account.
A high yielding savings account that 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 a much higher interest rate than a regular savings account. Traditional savings accounts typically offer less than 1% interest, while high yield savings accounts can give 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’d earn about $1,618 in interest without lifting a finger. Interest rates can vary depending on the economy, but in general, you’re better off keeping your money in a high-yield savings account if you want it to grow.
Financial planners recommend keeping your emergency savings in high-yield savings accounts because they are highly liquid and easily accessible. Musk apparently plans to offer a high-yield savings account to Twitter users who plan to keep their cash there, once Twitter’s content fee wall is set up.
High yield savings rate today
Offering a high-yield savings account could be just the beginning of many changes for Twitter
Musk’s divisive decision to charge $7.99 a month for Twitter verification and erratic layoffs has drawn criticism from longtime Twitter users. As reported by MIT Technology Review, since Musk took over, 1.3 million users have left Twitter. The fact that the Tesla CEO plans to add content with a paywall, a new payment system, and a high-yield savings account could provoke further backlash.
Adding payments and high productivity savings to Twitter may be just the tip of the iceberg; One fintech executive thinks Musk can build a “super app” that goes beyond social media to include ride-hailing, food delivery and more.