Elon Musk announced the ambitious goal of making X the hub of each individual’s financial operations, transforming it into a complete money management platform: so much so that he told employees that You will not need to have a bank account. Musk revealed these intentions in a meeting with X (formerly Twitter) employees, underlining that these new features will arrive by the end of 2024.
Elon Musk: with X, in a year “you won’t need to have a bank account”
Elon Musk held a meeting with employees of X, the former Twitter, and some publications (such as The Verge, from which we take the quoted statements) had access to the digital meeting. And the future financial role of X had an important role, which Musk no longer wants to be just a social network.
The entrepreneur said: “When I say payments, I actually mean someone’s entire financial life. It will be on our platform. Money, securities or otherwise. So it’s not just like sending $20 to my friend. I’m talking about the fact that you won’t need a bank account.”
The CEO of Linda Yaccarinoshared Musk’s enthusiasm, saying that the company expects this initiative to become a “full opportunity” in 2024. Musk also reiterated his determination to meet X’s needs in the coming months.
The ambitious project to transform X However, in a complete financial service it will require considerable effort. The company is currently working to obtain the licenses required for money transmission in the United Statesi, pioneering financial services. Musk has already mentioned his vision of offering high-yield money market accounts, debit cards, checking and lending services. Aiming to enable users to make instant, real-time money transfers across the world.
However, the CEO will face significant challenges. Not least among which is convincing people of the usefulness of a financial platform like X and gaining their trust to manage the entire financial sphere of their life. Especially after the “uncertainties” seen on the platform in recent months.