Elon Musk, the owner of ‘X’ (formerly Twitter), hinted at the platform’s imminent foray into the world of financial services, setting its sights on a 2024 launch. During an all-hands meeting, Mr. Musk, along with X CEO Linda Yaccarino, discussed their ambitious plans to obtain the necessary licenses, with the aim of turning X into a one-stop shop for users’ financial needs.
Elon Musk’s Vision Unveiled
This strategic move represents Musk’s latest endeavor to transform ‘X’ into an “everything app,” akin to the popular Chinese WeChat. The possibilities, it seems, are boundless.
“When I say payments, I actually mean someone’s entire financial life,” Musk emphasized, making it clear that X aims to become more than just a platform for transferring funds to friends. “If it involves money, it’ll be on our platform. Money or securities or whatever. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account,” he stated with conviction.
Ms. Yaccarino resonated with the sentiment, foreseeing a “full opportunity” in 2024. Musk further fuelled the optimism, declaring, “It would blow my mind if we don’t have that rolled out by the end of next year.”
Paving the Way for Financial Revolution
The company is actively working on securing the necessary licenses across the United States to pave the way for offering comprehensive financial services, reshaping the way people manage their finances.
Musk also took a moment to reflect on PayPal, a company he co-founded in 1998 and subsequently sold to eBay in 2002 for $1.5 billion. He revealed that the X/PayPal product roadmap was conceived in July 2000, emphasizing how PayPal has evolved since then, or rather, regressed. “So PayPal is a less complete product than what we came up with in July of 2000, so 23 years ago,” he lamented, highlighting the potential he sees in the X financial ecosystem.
A Vision of Financial Inclusivity
This is not the first time the billionaire has expressed his vision of turning X into a financial powerhouse. In November 2022, during a meeting with Twitter employees, he articulated the transformative potential of payments and his goal to enable users to send money globally in real-time.
Eyes on the Future
Elon Musk’s audacious vision for X signals an exciting shift in the tech landscape, one where a social media platform can seamlessly transition into an all-encompassing financial hub. As the world watches, it’s safe to say that this transformation could redefine how we interact with our finances and social media in the years to come. With Musk at the helm, the future promises to be a captivating journey of innovation and possibility.
