Elon Musk aims for X to manage all your money matters: Report
Elon Musk plans to make X the go-to platform for all your money matters. He shared this goal with X employees in a recent call and aims to have these features ready by the end of 2024.
emerging tech
Highlights
- Elon Musk's Vision: X as the ultimate financial platform
- Targeted timeline features set for completion by end of 2024
- Comprehensive financial solution as X to manage all money matters
As per reports from an all-hands call meeting on Thursday, Elon Musk's plan for X is to become the central hub for all things financial in your life. He's pushing to launch these features by the end of 2024. This isn't just about making payments; it's about transforming how you handle your entire financial world.
Musk envisions a platform that replaces the need for traditional bank accounts, offering features like high-yield money market accounts, debit cards, checks, and loans. The company is actively pursuing money transmission licences across the US to make this happen.
X CEO Linda Yaccarino sees this as a significant opportunity for 2024. Musk is actively securing money transmission licenses across the US. His ultimate goal is to surpass his former venture, PayPal, the online money transfer app, by offering an even more complete financial product.
When I say payments, I actually mean someone’s entire financial life, If it involves money. 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.
The original plan
Musk previously discussed his ambition to transform X into a financial hub. Elon Musk once had an online bank called X.com during the dot-com boom. Later, this bank became a part of PayPal. Interestingly, he renamed Twitter as X.com, probably to recall his earlier venture. He expressed his frustration with PayPal's later changes, noting that his original plan from 23 years ago was more comprehensive.
Musk’s ambitious vision
Musk aims to transform X into a comprehensive financial hub, aligning with his vision of an "everything app" similar to China's WeChat, which offers shopping, transportation, and more.
However, he faces significant challenges, including convincing people of the platform's necessity and earning their trust with their entire financial lives.
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