Now, X won’t just fulfill your social media desires, but it might also become a part of your financial life.
Elon Musk envisions X as the focal point for managing all aspects of your financial affairs. He shared this vision with X employees during a company-wide meeting on Thursday, expressing confidence that people will be astounded by its remarkable capabilities when it launches by the close of 2024.
According to audio obtained by a reputed outlet, Musk emphasized that when he mentioned payments, he was actually referring to a person’s entire financial life. He explained that this encompasses anything related to money, be it currency, securities, or any other financial instrument.
He went on to stress that their platform would cover the full spectrum of financial activities, not limited to simple peer-to-peer transactions. In fact, Musk suggested that it could potentially render the need for a traditional bank account obsolete.
X CEO Linda Yaccarino says that they are currently targeting 2024 to introduce these features.
Elon Musk’s company is actively pursuing money transmission licenses across the US to launch financial services through X. Musk aims to secure necessary approvals in the coming months. This endeavor aligns with his vision of transforming X into a comprehensive financial hub, reminiscent of his dot-com-era online bank, X.com, which later merged into PayPal.
The platform’s offerings include high-yield accounts, debit cards, checks, and instant global money transfers.
Elon Musk’s vision for X involves transforming it into a ‘Jack of all trades’, similar to popular super apps like WeChat in China. These super apps offer a wide array of services, from shopping to transportation. Musk aims to provide users with a seamless and diverse experience within the X platform.
