Elon Musk envisions X will become a financial powerhouse in a year
A year after Elon Musk took the reins at Twitter, changes keep rolling in like autumn leaves in a breeze. And it seems the transformation won't be slowing down anytime soon. Musk is on a mission to reshape the former Twitter into X, an everything app.
Apparently, Musk envisions X as the epicenter of your financial world, handling all things money-related in your life. He shared his expectations with X employees in a recent all-hands call, hinting that the new features would surprise people with their power.
According to an audio of the meeting obtained by The Verge, Musk clarified during the call, "When I say payments, I actually mean someone’s entire financial life. If it involves money, it’ll be on our platform—money, securities, or whatever. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account."
In essence, Musk aims for the app to go beyond simple money transfers, extending to include loans, debit cards, savings, and global money transfers, essentially making traditional bank accounts obsolete.
X CEO Linda Yaccarino expressed the company's optimism, foreseeing this as a complete opportunity by 2024. Musk added, "It would blow my mind if we don’t have that rolled out by the end of next year."
Musk has previously outlined his vision of turning X into a financial hub, even renaming Twitter after his dot-com-boom-era online bank, X.com, which later became part of PayPal.
The platform is expected to offer a range of financial services, including high-yield money market accounts, debit cards, checks, and loan services. Musk's ultimate goal is to enable users to "send money anywhere in the world instantly and in real-time."
This transformation aligns with Musk's broader ambition of making X an "everything app," comparable to super apps like WeChat in China, which provide access to shopping, transportation, and more.
Apparently, Musk envisions X as the epicenter of your financial world, handling all things money-related in your life. He shared his expectations with X employees in a recent all-hands call, hinting that the new features would surprise people with their power.
According to an audio of the meeting obtained by The Verge, Musk clarified during the call, "When I say payments, I actually mean someone’s entire financial life. If it involves money, it’ll be on our platform—money, securities, or whatever. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account."
X CEO Linda Yaccarino expressed the company's optimism, foreseeing this as a complete opportunity by 2024. Musk added, "It would blow my mind if we don’t have that rolled out by the end of next year."
To make this financial evolution happen, the company is actively securing money transmission licenses across the US, with progress already made in some states.
Musk has previously outlined his vision of turning X into a financial hub, even renaming Twitter after his dot-com-boom-era online bank, X.com, which later became part of PayPal.
The platform is expected to offer a range of financial services, including high-yield money market accounts, debit cards, checks, and loan services. Musk's ultimate goal is to enable users to "send money anywhere in the world instantly and in real-time."
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