- Elon Musk revealed plans to turn the social media platform into an all-encompassing financial hub.
- According to Musk, X users would no longer need bank accounts after the implementation.
- The proposed payment features would become available on X by the end of 2024.
Elon Musk, the owner of X (formerly Twitter) , has revealed plans to turn the social media platform into an all-encompassing financial hub. Musk made the revelation during an all-hands call with the company’s employees last Thursday and claimed that his aim is that X users would not need bank accounts after his plans are implemented.
As reported by The Verge , Musk noted that the proposed payment features would become available on X by the end of 2024. According to him, it would be a powerful implementation, and the people would be surprised by the extent of such powers.
“When I say payments, I mean someone’s entire financial life,” Musk said.
The X owner emphasized that the proposed implementation would go beyond sending money from one user to another. He noted that he plans to create a payment system that would handle all the payment needs of users, and they wouldn’t need a bank afterward.
According to reports, X is in the process of securing money transmission licenses across the U.S. Such licenses would allow the social media platform to offer financial services to its users. Musk confirmed this during the call and said he hopes to acquire those licenses within the next few months.
Running a financial system like the one Musk proposed has been a long-term dream for the X owner. Musk told employers during the call that he and David Sacks, a renowned venture capitalist, wrote the X/Paypal roadmap in July 2000. Sacks served as PayPal’s product leader before becoming the company’s chief operating officer.
Furthermore, Musk noted that PayPal did not continue with the full implementation of the roadmap after eBay acquired it in 2002. He also stated that PayPal rolled back several critical features after the takeover.
Musk emphasized his seriousness toward achieving his payments implementation on X by telling his employees that it would blow his mind if the product didn’t launch by the end of 2024.
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