Musk's X: Transforming Finance, Rethinking the Bank Account
- RemoteUA
- Oct 30, 2023
- 2 min read
Elon Musk aims for X to oversee users' "complete financial affairs" to the point where they "won't require a bank account" by the conclusion of the upcoming year, reports Finextra. Musk has persistently emphasized his intentions to transform X (formerly Twitter) beyond its origins as a microblogging platform, evolving it into an application that offers a wide range of financial services.
During a recent company-wide meeting, the audio of which was acquired by the Verge, Musk stated, "When I mention payments, I'm actually referring to an individual's entire financial situation." He further elaborated, "If it concerns monetary matters, it will be integrated into our platform, whether it involves money, securities, or anything else. So, it's not solely about transferring $20 to a friend. I'm talking about obviating the necessity for a bank account."
With X presently in the process of seeking money transmission licenses across the United States, Musk and CEO Linda Yaccarino aspire to offer a variety of financial features by the end of 2024.
Musk informed his employees, "It would astound me if we haven't implemented this by the end of the following year." Twitter has previously ventured into the realm of financial services by introducing features such as tipping for users to reward content creators and enabling subscription fees for exclusive content, like newsletters.
Nevertheless, Musk is determined to push the boundaries further and realize his vision for the original X.com, which he established a quarter-century ago. Musk remarked during the call, "The X/PayPal product roadmap was actually created by myself and David Sacks back in July of 2000. And for some inexplicable reason, when PayPal became part of eBay, not only did they fail to execute the remainder of the plan, but they even reversed many crucial features, which is quite astonishing. So, in fact, PayPal is now a less comprehensive product than the one we conceived back in July of 2000, approximately 23 years ago."
