Elon Musk envisions X will become a financial powerhouse in a year

Elon Musk envisions X will become a financial powerhouse in a year،

A year after Elon Musk took the reins of Twitter, changes continue to arrive like autumn leaves in a breeze. And it looks like the transformation won’t slow down any time soon. Musk is on a mission to reshape the old Twitter into X, a multi-purpose app.

Apparently, Musk views X as the epicenter of your financial world, managing everything money-related in your life. He shared his expectations with X employees during a recent all-hands call, hinting that the new features would surprise people with their power.

According to audio of the meeting obtained by The edgeMusk clarified during the call, “When I talk about payments, I’m really talking about a person’s entire financial life. If it’s about money, it will be on our platform: money, securities or whatever. So it’s not like sending $20 to my friend. I’m talking about the fact that you won’t need a bank account.“

Essentially, Musk wants the app to go beyond simple money transfers, expanding to loans, debit cards, savings, and global money transfers, essentially making traditional bank accounts obsolete.

Linda Yaccarino, CEO of X, expressed the company’s optimism, seeing this as a real opportunity by 2024. Musk added: “It would blow my mind if we didn’t implement it by the end of next year.“.

To achieve this financial evolution, the company is working to obtain money transfer licenses across the United States, and progress has already been made in some states.
Musk has previously outlined his vision for turning X into a financial hub, even renaming Twitter after his dot-com boom-era online bank, X.com, which later became part of PayPal.

The platform is expected to offer a range of financial services, including high-yield money market accounts, debit cards, checking and lending services. Musk’s ultimate goal is to enable users to “send money anywhere in the world instantly and in real time“.

This transformation aligns with Elon Musk’s broader ambition to make X an “app for everything”, comparable to super apps like China’s WeChat, which provide access to shopping, transportation and more.