Elon Musk Photo: Getty Images
Elon Musk Announces Ambitious Plan to Transform X into a Financial Hub to Rival Banks
In a recent all-hands call with employees, Elon Musk revealed his ambitious vision to turn X, formerly known as Twitter, into a comprehensive financial platform that aims to replace the need for traditional banks within a year. The Verge was the first to report on Musk’s groundbreaking plan after obtaining an audio recording of the call.
Musk’s Vision for X as a Fintech Powerhouse
The tech mogul’s plan revolves around offering a wide array of financial services on X, expanding beyond his initial statement about the platform’s financial capabilities. Musk stated, “If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like ‘send $20 to my friend.’ I’m talking about, like, you won’t need a bank account.” He is confident that this transformation will be fully realized by the end of 2024.
A Nod to X.com’s Roots
The rebranding of Twitter as X is reminiscent of Musk’s past project, X.com, which later merged with Confinity in 2000 to become PayPal. Musk believes that his original vision for X.com remains feasible, stating, “The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000. And for some reason PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy.”
Comprehensive Financial Services
Under Musk’s leadership, X aims to become the central hub for users’ financial lives, encompassing services such as loans, debit cards, savings accounts, and seamless money transfers. Musk emphasized that this expansion will cover every aspect of one’s financial world.
X’s CEO, Linda Yaccarino, is optimistic about the future, expecting the platform’s full financial potential to be realized in 2024. Musk is also in the process of securing money transmission licenses across the United States, with hopes of obtaining the necessary licenses in the coming months.
Musk’s Long-Term Vision
Elon Musk envisions X as a one-stop-shop for users’ financial needs, a concept akin to super apps like China’s WeChat that offer a wide range of services. However, Musk acknowledges that convincing users to trust X with their entire financial life will be a substantial challenge.
Musk’s audacious plan could potentially reshape the financial landscape, providing an alternative to traditional banking for users, and it has certainly piqued the interest of many observers.
