Elon Musk Reveals Ambitious Plan for X as an All-in-One Financial Platform
Billionaire Elon Musk has disclosed his plans to transform his social media platform, X (formerly Twitter), into a comprehensive financial hub.
During an all-hands call with X employees, Musk outlined his vision for the platform, with financial and payment features expected to debut by the end of 2024. He emphasized that this transformation would encompass every aspect of a user’s financial life, from money to securities, eliminating the need for a traditional bank account. X is in the process of securing money transmission licenses across the U.S. to offer these financial services, with Musk hoping to obtain the necessary licenses in the coming months.
Musk also noted the historical context, revealing that he and venture capitalist David Sacks had crafted the X/Paypal product roadmap back in July 2000, which featured more comprehensive features than Paypal currently offers. Musk expressed his expectation that X will roll out these financial features by the end of the next year. This aligns with his previous announcement that X would offer a range of financial services, including a money market account, debit cards, checks, and loans, ultimately becoming an “everything app.”
Clever Robot News Desk 30th October 2023
