Elon Musk's Ambitious Plan to Transform X (Formerly Twitter) into a Financial Hub
Date: 2023-10-27 Author: Dima Zakharov Categories: TECHNOLOGY
Elon Musk, the renowned entrepreneur, and CEO of multiple companies, is making headlines yet again with his ambitious plan to revolutionize the social media landscape. Musk has announced his intention to transform the once-popular Twitter, now rebranded as X, into a comprehensive financial hub. According to Musk, this financial hub will handle all aspects of an individual's financial life, from transactions to investments, making traditional banking services obsolete.
During a recent conference call with X employees, Musk revealed his grand vision, stating that people would be astonished by the platform's potential. "When I talk about payments, I mean the entire financial spectrum of a person's life. It will all be integrated into our platform, whether it's money, securities, or anything else. I'll be surprised if we don't have this up and running by the end of next year," Musk declared, emphasizing that users won't need traditional bank accounts to use the platform.
X's CEO, Linda Yakkariño, confirmed that these features would be rolled out by the end of 2024. Currently, the company is actively pursuing licenses for money transfers throughout the United States to offer financial services. Musk anticipates obtaining the necessary X licenses within the coming months.
This isn't the first time Musk has discussed his plan to transform X into a financial hub. He even rebranded Twitter as X.com, a name that's historically linked with PayPal, which Musk co-founded. Previously, Musk revealed that the X/Twitter platform would offer high-yield money market accounts, debit cards, checks, and lending services, enabling users to send money anywhere in the world instantly and in real-time.
"The product roadmap for X/PayPal was actually written by me and David Sacks in July 2000. For some reason, PayPal not only didn't execute the list but also effectively backtracked on a bunch of key features. So PayPal is actually a less perfect product than what we envisioned in July 2000," Musk noted.
Musk's ambition to turn X into a hub for financial services is aligned with his goal of making the platform an "app for everything," akin to apps like WeChat in China, which provide access to purchases, transportation, and more.
During a recent conference call with X employees, Musk revealed his grand vision, stating that people would be astonished by the platform's potential. "When I talk about payments, I mean the entire financial spectrum of a person's life. It will all be integrated into our platform, whether it's money, securities, or anything else. I'll be surprised if we don't have this up and running by the end of next year," Musk declared, emphasizing that users won't need traditional bank accounts to use the platform.
X's CEO, Linda Yakkariño, confirmed that these features would be rolled out by the end of 2024. Currently, the company is actively pursuing licenses for money transfers throughout the United States to offer financial services. Musk anticipates obtaining the necessary X licenses within the coming months.
This isn't the first time Musk has discussed his plan to transform X into a financial hub. He even rebranded Twitter as X.com, a name that's historically linked with PayPal, which Musk co-founded. Previously, Musk revealed that the X/Twitter platform would offer high-yield money market accounts, debit cards, checks, and lending services, enabling users to send money anywhere in the world instantly and in real-time.
"The product roadmap for X/PayPal was actually written by me and David Sacks in July 2000. For some reason, PayPal not only didn't execute the list but also effectively backtracked on a bunch of key features. So PayPal is actually a less perfect product than what we envisioned in July 2000," Musk noted.
Musk's ambition to turn X into a hub for financial services is aligned with his goal of making the platform an "app for everything," akin to apps like WeChat in China, which provide access to purchases, transportation, and more.
