Elon Musk wants X to be at the heart of your financial life and handle everything in your life that has to do with money. Musk anticipates that these features will start in 2024, by the time you reach the year’s end the company’s CEO spoke to X employees in an all-hands conference on Thursday and said that people would be awed by “just how powerful it is.”
“When I say payments, I actually mean someone’s entire financial life,” Musk stated, as per audio recordings of the meeting obtained through The Verge. “If it’s involving money. It will be listed on our platform. It could be securities, money or anything else. It’s not sending $20 to a friend. I’m talking about, for instance you don’t require to have a bank account.”
X Chief Executive Officer Linda Yaccarino said the company believes this will be an “full opportunity” in 2024. “It would blow my mind if we don’t have that rolled out by the end of next year,” Musk stated.
It is in the process of working to secure authorizations for money transfer across the US in order to provide financial services. Musk has told employees that he plans to secure the other X needs covered in “the next few months.”
Musk has spoken about his plans to transform X into a financial hub prior to. He even changed the name of Twitter to reflect his dot-com boom-era banking institution, X.com, which later was acquired by PayPal. The company previously stated that that the platform would provide high yield money market accounts debit cards, checks and loan services with the aim of letting customers “send money anywhere in the world instantly and in real-time.”
The original idea for X.com is evidently Musk’s idea. “The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,” Musk stated during his Thursday’s intra-company X call. “And there was a reason PayPal changed its name to eBay was not just able to they not follow through with the rest of the roadmap however, they also rolled back several crucial functions, and that’s insane. This means that PayPal is in reality a much less comprehensive product than the one we created in July 2000, that’s 23 years ago.”
The idea of turning X into a center of excellence for financial services is directly tied with Musk’s vision of turning the platform to become one that is an “everything app,” comparable to super apps like WeChat in China which provide accessibility to transportation, shopping and much many other services.
Musk has a lot of work to do to reach his goal, however. In convincing people that they need this platform is just one. Inducing them to believe in X for their entire financial affairs is a different.
