Twitter considers paying its employees in bitcoin


Days after Elon Musk’s Tesla announced a $1.5 billion investment in bitcoin, Twitter CFO Ned Segal in a TV interview said that the tech giant is considering incorporating bitcoin into its finances, including payment options.

(Picture: Reuters)

HIGHLIGHTS

  • Twitter is considering paying its employees and staff in bitcoin.
  • The company CFO in an interview said that Twitter is watching and looking closely at what other companies do to see what can be learned from them.
  • Tesla invested $1.5 billion in the cryptocurrency and mentioned the possibility of accepting payments in bitcoin in future.

Twitter is considering paying its employees in bitcoin, although no changes have been made yet. Twitter CFO Ned Segal in a TV interview said that the tech giant is considering incorporating bitcoin into its finances, including payment options. Segal said that Twitter is currently watching and looking closely at what other companies do to see what can be learned from them.

“We have done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin and whether we need to have bitcoin on our balance sheet,” Segal said in an interview with CNBC. “We want to be thoughtful about it over time, but we haven’t made any changes yet,” he added.

Twitter CEO Jack Dorsey is a supporter of bitcoin and has a #bitcoin tag in his Twitter bio. Dorsey is also the CEO of payments company Square, which reportedly purchased $50 million worth of bitcoin in October of last year. He also set up a small team called Square Crypto which is dedicated to supporting bitcoin development.

The news comes days after Elon Musk-backed Tesla invested $1.5 billion in the cryptocurrency. The investment news was confirmed by Tesla’s 10-K report with the United States Securities and Exchange Commission (SEC) on Monday. Tesla also mentioned the possibility of accepting payments in bitcoin, in the near future. Bitcoin’s current value is around $47,000.41 which is over Rs 34 lakh.

Musk also expressed his support for bitcoin during the conversation, “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin. I think bitcoin is really on the verge of getting broad acceptance by conventional finance people,” he said during a Clubhouse discussion. Musk in the past has noted that the future Mars economy could be based on cryptocurrency, such as bitcoin. He had also written “Mars economy will run on crypto,” in a reply to a tweet. Musk’s company SpaceX’s Mars program eventually aims to colonise the planet.

He also caused the price of Dogecoin, the meme-based currency, to soar by 50 per cent when he posted memes on Twitter in its support. In the most recent development, Musk noted that he has bought Dogecoin for his son X Æ A-Xii. “Bought some Dogecoin for lil X, so he can be a toddler holder,” he wrote on Twitter. The cryptocurrency on Monday reached a record for a brief period after Elon Musk, rapper Snoop Dogg and Kiss bassist Gene Simmons tweeted about it.



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