Elon Musk plans to replace your bank accounts with X and has therefore given his employees a year to do that. According to the billionaire CEO; “You won’t need a bank account… it would blow my mind if we don’t have that rolled out by the end of next year.”
Elon Musk to Replace Bank Accounts With X
Elon Musk wants X (formerly known as Twitter) to be the center of your financial world, reportedly handling anything in your life that has to deal with money. The CEO expects those features in question to launch by the end of the year 2024, he told employees of X during an all-hands call on Thursday, stating that people will be surprised with “just how powerful it is.”
“When I say payments, I actually mean someone’s entire financial life,” Musk, according to audio of the meeting obtained by The Verge stated. “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.”
X CEO Linda Yaccarino on the other hand stated that the company sees this becoming a “full opportunity” in the year 2024. “It would blow my mind if we don’t have that rolled out by the end of next year,” Musk revealed.
X Is Working On Locking Down Money Transmission Licenses across the United States
The company is at the moment working on locking down money transmission licenses across the United States so that it can get to offer financial services. Musk revealed to employees on Thursday that he hopes to get the others X needs in “the next few months.”
Musk has reportedly discussed his plans to turn X into a financial hub in previous times. The CEO even renamed the platform (Twitter) after his dot-com-boom-era online bank, X.com, which later and eventually became part of PayPal. The CEO previously stated that the platform would offer high-yield money market accounts, debit cards, checks, as well as loan services, with the main goal of allowing users to “send money anywhere in the world instantly and in real-time.”
Musk’s Original Plan for X.com
The original and initial plan for X.com is clearly on the mind of Musk. “The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,” Musk on Thursday’s internal X call stated. “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, which is crazy. So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.”
Musk’s Plan to Make X an Everything App
The plans of turning X into a rich hub for financial services ties directly into the goal of Musk to making the platform into an “everything app,” which is akin to super apps such as WeChat in China that offer access to shopping, transportation, and many more.
Challenges Faced By Elon Musk
Musk however faces major challenges in his bid to get there, though. Convincing people on why they need such a platform is one thing. And getting them to trust X with their whole financial life is yet another.
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