“You Won’t Need a Bank Account”, According to Elon Musk’s Plan to Transform X Into a “Powerful” Financial Platform

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Last Updated on October 29, 2023 by Bitfinsider

A source claimed, citing an audio recording of the conference it had received, that Elon Musk, the CEO of Tesla and Spacex and the owner of the social media network X (previously Twitter), disclosed to X staff on Thursday during an all-hands call that he is turning X into a financial hub for users.

Musk stated that he anticipates the banking and payment features of X to be released by the end of 2024 and that users will be astonished by “just how powerful it is.” The multibillionaire explained: “When I say payments, I actually mean someone’s entire financial life. 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.

In order to provide users with financial services, the social media business is presently working to obtain money transmission licenses throughout the United States. During the meeting on Thursday, Musk expressed his hope to get the extra licenses that X needs in “the next few months.”

Furthermore, Musk disclosed that in July 2000, he and venture financier David Sacks wrote the X/Paypal product roadmap. Sacks held the positions of chief operational officer and first product leader at Paypal. Musk did point out that “not only did they not implement the rest of the list, but they actually rolled back a bunch of key features” after Paypal was purchased by Ebay in October 2002. “In actuality, Paypal is a less complete product than what we came up with in July of 2000, so 23 years ago,” he expressed his opinion.

When asked when X’s financial functionality will be accessible, Musk responded as follows: “It would blow my mind if we don’t have that rolled out by the end of next year.”

In November of last year, the CEO of Tesla claimed that X could provide lending services, checks, debit cards, and “an extremely compelling money market account.” Furthermore, he had earlier predicted that X will become into a “everything app.”

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