"You won’t need a bank account" - Elon
Elon Musk Aims to Transform X into the Epicenter of Financial Life, Encompassing All Money-Related Activities by the End of 2024. He Envisions a Platform Where Every Financial Aspect, From Payments to Securities, Will Be Seamlessly Integrated, Eliminating the Need for Traditional Bank Accounts. X CEO Linda Yaccarino shares Musk's enthusiasm, anticipating a full-scale rollout by the close of 2024.
The company is actively pursuing money transmission licenses across the United States, a crucial step to enable its financial services offering. Elon Musk expressed his aspirations to secure the remaining licenses X requires in the coming months.
Musk's ambition to transform X into a financial powerhouse is not new, as he previously alluded to these plans. He notably rebranded Twitter after his dot-com-boom-era online bank, X.com, which later merged into PayPal. Musk's vision for the platform encompasses high-yield money market accounts, debit cards, checks, and loan services, ultimately enabling users to make instant, real-time global money transfers.
Elon Musk's vision for X.com from its original plan remains a prominent focus. During an internal X call on Thursday, Musk revealed, 'The X/PayPal product roadmap was drafted by myself and David Sacks back in July of 2000. Interestingly, PayPal, after its eBay merger, not only failed to implement the remaining features but also rolled back key functionalities, making it a less comprehensive product than what we had envisioned 23 years ago.'
Musk's ambition to transform X into a comprehensive hub for financial services aligns with his larger goal of turning the platform into an 'everything app,' similar to super apps like WeChat in China, which offer access to shopping, transportation, and more.
However, Musk acknowledges significant challenges in achieving this vision. Persuading users of the platform's necessity and earning their trust with their entire financial lives are hurdles that must be overcome.
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