- Elon Musk, CEO of Tesla and SpaceX, is turning X (formerly Twitter) into a financial hub.
- Financial and payment features are expected to launch on X by the end of 2024.
- Musk aims to offer a complete financial ecosystem on X, including banking services.
- The social media company is working on obtaining money transmission licenses across the U.S.
- Musk’s vision for X’s financial features includes a money market account, debit cards, checks, and loan services.
In a surprising move, Elon Musk, the visionary CEO of Tesla and SpaceX, has unveiled his plan to transform X, the social media platform formerly known as Twitter, into a financial hub. The announcement was made during an all-hands call, and The Verge reported on the details, citing an audio recording of the meeting.
Musk’s vision for X goes beyond traditional social media. He envisions a platform that will cater to every aspect of a user’s financial life. This includes not only payments but also managing money, securities, and more, all without the need for a traditional bank account. Musk’s confidence in this endeavor is palpable as he stated, “It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
To make this vision a reality, X is currently in the process of securing money transmission licenses across the United States. Musk expressed his hope to obtain these additional licenses in the coming months, setting the stage for the financial transformation of X.
Notably, Musk also revealed that the X/PayPal product roadmap was penned by him and venture capitalist David Sacks back in July 2000. However, after PayPal’s acquisition by eBay in 2002, key features were rolled back, leaving it less complete than the original vision. Musk’s timeline for X’s financial features is ambitious, hoping to have them rolled out by the end of the next year.
Musk’s plans for X include offering a range of financial services, such as a money market account, debit cards, checks, and loan services. His vision for X as an “everything app” appears to be taking shape, promising a financial ecosystem that could reshape the way we manage our finances in the digital age.