Elon Musk’s venture, X, has a grand vision to become a central financial hub in people’s lives. Musk aims to have X replace traditional bank accounts for all financial needs.
During X’s first all-hands meeting on October 26, Elon Musk revealed his plan to transform the platform into a primary hub for managing all financial transactions and payments.
In a recent interview, Musk emphasized that when he talks about payments, he means handling someone’s entire financial life. This includes money, securities, and more. He envisions a future where people won’t need a traditional bank account for their financial activities.
Elon Musk’s Vision for X as a Financial Hub
In X’s inaugural all-hands meeting, Elon Musk revealed his ambitious plan to transform the platform into a comprehensive financial hub. He outlined a roadmap for introducing these planned features by the end of 2024. This meeting took place on October 26 and shed light on Musk’s vision for X.
During the internal X all-hands meeting, Elon Musk harked back to his early work on PayPal, mentioning that he had designed the platform when he was 23. Musk was a co-founder of X.Com, which was initially intended to be a financial platform. However, PayPal eventually took over X.Com and became a well-known payment app.
Building on this concept, Elon Musk is now on a mission to turn X into an all-encompassing “everything app” with a significant financial component. He envisions these changes and new features to roll out in December 2024, shaping X into a pivotal player in the financial world.
Elon Musk’s Hands-On Approach to X’s Features
Elon Musk is taking a hands-on approach to oversee all of X’s features and is planning the introduction of premium offerings. These premium features aim to not only generate revenue but also transform X into a versatile platform for users.
Linda Yaccarino, X’s CEO, has teased that people will be pleasantly surprised by the full extent of X’s capabilities, emphasizing how powerful the platform has become. The recent buzz around X becoming a financial platform has been a major highlight among various updates.
Other anticipated developments for X include audio and video calling features, a $1 payment from users to prevent bots, and additional premium features.
On October 27, Elon Musk shared an update, revealing that X is planning to live-stream company talks. Musk tweeted, “Future đť•Ź company talks will be live-streamed so the public can watch too.” X users are eagerly awaiting further insights into the rebranded micro-blogging platform.
Important:Â 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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