Elon Musk aims to transition X (formerly Twitter) into a platform that manages users’ “entire financial life,” suggesting that by the end of next year, users “won’t need a bank account.”
Musk has consistently expressed his vision for X to evolve from a microblogging platform into a comprehensive app offering various financial services. During an all-hands meeting with employees, Musk highlighted his ambitions, stating, “When I say payments, I actually mean someone’s entire financial life.”
He elaborated that his vision encompasses all financial activities, asserting, “If it involves money, it’ll be on our platform. Money, securities, or whatever. It’s not just about sending $20 to a friend; I’m talking about not needing a bank account.”
Currently, X is in the process of acquiring money transmission licenses across the U.S., with Musk and CEO Linda Yaccarino targeting the rollout of numerous financial features by the end of 2024. Musk expressed confidence in this timeline, stating, “It would blow my mind if we don’t have that rolled out by the end of next year.”
In the past, Twitter has explored aspects of financial services, introducing features like tipping to reward creators and allowing users to charge subscription fees for exclusive content. However, Musk aims to build upon this foundation, realizing his vision for the original X.com he co-founded 25 years ago.
He reminisced during the call, noting, “The X/PayPal product roadmap was written by myself and David Sacks in July of 2000. For some reason, when PayPal became eBay, they not only failed to implement the rest of the list but also rolled back several key features. So, PayPal is actually a less complete product than what we developed back in July of 2000, 23 years ago.”