Twitter submitted registration documents last week, paving the way for payment processing.

According to foreign media reports, Twitter submitted registration documents last week, paving the way for the company to engage in payment processing, according to foreign media reports.

Musk is seeking to transform the company after completing its acquisition of Twitter for $44 billion on October 27. After formally taking over Twitter, he immediately launched massive layoffs around the world.

On Friday, Twitter announced by email that 50% of its employees would be laid off to cut costs. In addition, the company has added subscription features to increase revenue.

Musk is open to the idea of Twitter as an online platform that can be used for financial transactions. For him, turning Twitter into a payment processor is a bit like his early experience in the Internet. In 1999, he helped create the online bank X.com, which later evolved into PayPal, an electronic payment provider.

Last month, Musk tweeted that the acquisition of Twitter would be a catalyst for the creation of Universal Application X. Foreign media said that if Twitter can successfully enter the payment business, Musk can effectively take a step towards his goal of creating a "universal app" similar to Wechat.