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Linda Yaccarino

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.

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In a recent interview, X’s CEO, Linda Yaccarino, shared that the platform, previously known as Twitter, has lost a lot of daily users since Elon Musk became the boss. This is a big deal in the world of social media.

Linda Yaccarino said that X has gone from having 254.5 million people using it every day to only 225 million since Musk took charge. That’s a drop of about 11.6 percent, which means fewer people are using X these days.

She also pointed out that when compared to last year, there’s been a drop of around 3.7 percent, which equals nearly 15 million users saying goodbye to X. This shows that X is having some trouble keeping its users interested under Musk’s leadership.

But it’s not all bad news. Yaccarino mentioned that 90 percent of the top 100 advertisers are back on X, which means companies still like to advertise there even though fewer people are using it.

Linda Yaccarino has only been the CEO of X for a short time, so these numbers might change as she and her team work to make X better.

This drop in daily users comes after Elon Musk’s tweets last year, where he said Twitter had 254.5 million daily users just before he took over. Later, X said it was actually 245 million. Now, Yaccarino says it’s down to 225 million.

X does have 550 million people using it every month, but we’re not sure if that number has gone up or down since Musk became the boss.

X is trying to make money by 2024, so losing daily users is a big challenge. They’ll need to come up with new ideas to get more people to use X and keep it going in the fast-changing world of the internet.

This shows that the tech world is always changing, and even big names like Elon Musk can’t predict exactly what will happen when they take charge of a major platform like X.

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