Elon Musk’s Vision for X: Transforming into a Financial Hub
During an all-hands call with X employees, Elon Musk, the CEO of Tesla and Spacex, and owner of social media platform X (formerly Twitter), shared his plans to turn X into a comprehensive financial platform, according to a report by The Verge. Musk expressed his confidence that the financial and payment features will be launched on X by the end of 2024, stating that users will be amazed at its capabilities.
Musk emphasized that when he talks about payments, he means someone’s entire financial life. Whether it involves money, securities, or anything else related to finances, it will be available on our platform. In fact, you won’t even need a bank account anymore.
X is currently in the process of obtaining money transmission licenses across the U.S. in order to offer financial services to its users. Musk mentioned during the call that he expects to secure the necessary licenses within the next few months.
The History Behind X/Paypal Product Roadmap
Musk revealed that he and venture capitalist David Sacks wrote the X/Paypal product roadmap back in July 2000. Sacks served as Paypal’s first product leader and COO. However, after Ebay acquired Paypal in October 2002, many key features were rolled back instead of being implemented. Musk pointed out that Paypal is actually less advanced than what they had envisioned 23 years ago.
Timeline for Financial Features on X
Musk expressed his belief that it would be astonishing if the financial features are not rolled out by the end of next year.
In November last year, Musk mentioned that X could offer various financial services such as a highly attractive money market account, debit cards, checks, and loan services. He also stated that X would evolve into an all-in-one app.
Hot Take: Elon Musk’s Ambitious Plan to Revolutionize Finance
Elon Musk’s announcement to transform X into a comprehensive financial platform signifies his ambition to revolutionize the financial industry. By providing users with access to their entire financial life, including payments, securities, and more, Musk aims to eliminate the need for traditional banking services. With plans to roll out these features by the end of next year, X has the potential to disrupt the financial landscape and become a one-stop-shop for all financial needs. As Musk continues to push boundaries in various industries, his vision for X could have far-reaching implications for the future of finance.
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