Elon Musk plans to turn X into a full-on finance platform within a year, saying that users won’t need a bank account anymore, according to a Verge report. He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday,
“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge. “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.”
Elon Musk has been persistent in his efforts to transform X since he acquired the platform previously known as Twitter. He has also been vocal about adding more financial capabilities to the platform, including paying more revenue to users on the platform for post-engagement.
X CEO Linda Yaccarino adds that the company sees this becoming a “full opportunity” in 2024. “It would blow my mind if we don’t have that rolled out by the end of next year,” Musk also mentioned in the meeting.
X On the Way to Becoming a Full Finance Platform
X has been working for months on obtaining more licenses nationwide to make this financial juggernaut dream a reality. Elon Musk hopes that these steps will lead to the necessary infrastructure to enter the payments business.
“The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,” Musk claims in Thursday’s internal X call. “And for some reason PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features. So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.”
With these developments, X may be further down the path to becoming the “everything app” that Musk dreams of it to be.