Billionaire Elon Musk announced that he’s changing his social media platform X (formerly Twitter) into a full-fledged financial platform. He stated that this platform will handle all aspects of people’s financial lives, from payments to everything related to money, and he emphasized that you won’t need a traditional bank account anymore.
Elon Musk, the CEO of Tesla and SpaceX and the owner of social media platform X (formerly known as Twitter), recently told X employees during a company-wide call that he’s changing X into a financial center for users. The Verge shared this information, citing an audio recording of the meeting they obtained.
Elon Musk plans to add financial and payment features to X (formerly Twitter) by the end of 2024, and he believes it will be a game-changer for users. He envisions X as more than just a way to send money to friends; it will handle your entire financial life, including money and investments. In order to provide these services, X is working to get the necessary licenses across the United States, and Musk hopes to secure them in the coming months.
Musk also shared that he and venture capitalist David Sacks designed the product roadmap for X/Paypal back in July 2000. While Sacks was the first product leader and COO of Paypal, after it was acquired by Ebay in 2002, many of their planned features were not implemented, making Paypal less comprehensive than their original vision.
As for when these financial features will be available on X, Musk expects them to be fully rolled out by the end of the next year. He has previously mentioned that X could offer services like money market accounts, debit cards, checks, loans, and more, aiming to make X an all-in-one app for users.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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