After securing a $44 billion deal to acquire Twitter in April, billionaire Elon Musk met with employees virtually on Thursday to discuss how crypto could be used on the social media platform.

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According to a transcript of the meeting shared by Recode, Musk explained that news, entertainment, and payments are like three critical areas. To that extent, he wants to focus on making Twitter "so compelling that you can’t live without it and that everyone wants to use it."

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The Tesla CEO went on to explain how crypto could be used on the platform: "Money is fundamentally digital at this point," he said. "it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth," adding that such plans would include "currency as well as crypto."

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Musk also hopes to eliminate crypto scams on the platform. “There [are] quite a lot of crypto scams on Twitter,” he said. “It’s gotten better, but there’s still a fair bit of that.” To fix this problem, he proposed to make Twitter's algorithm open source so that users can "critique it, improve it, identify bugs, potentially, or bias."

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Earlier this year, Twitter accepted Musk’s $44 billion offer to acquire and privatize the company. However, he later threatened to abandon the deal unless the company provided him with data that shows less than 5% of its accounts are fake. Twitter’s board plan to comply with Musk’s demands, according to the Washington Post.

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