Elon Musk wants X to be a bank within a year

Elon Musk envisions making X the central hub for users’ financial matters, encompassing every aspect of their financial lives. During an all-hands call with X employees, Musk revealed that these features are expected to be available by the end of 2024, emphasizing their potential power.

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Musk clarified the scope of these financial capabilities, stating, “When I say payments, I actually mean someone’s entire financial life… If it involves money, it’ll be on our platform—money, securities, or whatever. So, it’s not just like sending $20 to my friend; I’m talking about not needing a bank account.”

X’s CEO, Linda Yaccarino, echoed Musk’s sentiments, expressing her belief that these financial services will become a comprehensive offering by 2024. Musk further conveyed his intention to secure money transmission licenses across the US to facilitate these services and expressed hope in obtaining the remaining licenses required in the coming months.

Musk’s vision for transforming X into a financial focal point is not new, and he has previously outlined his plans to offer a range of financial services. The platform is set to include high-yield money market accounts, debit cards, checks, and loan services. The overarching goal is to enable users to send money globally instantly and in real-time.

Musk also revisited the original X.com concept and its evolution into PayPal, explaining that many features initially planned for X.com were eventually rolled back. He emphasized that X is set to offer a more comprehensive and feature-rich product than PayPal was 23 years ago.

Turning X into a robust financial services hub aligns with Musk’s broader vision of transforming the platform into an “everything app,” akin to super apps like China’s WeChat, which provide access to various services, including shopping and transportation.

However, Musk acknowledges significant challenges ahead, including the need to convince users of the value of such a platform and gain their trust with their complete financial lives.