Elon Musk, the visionary entrepreneur behind companies like Tesla and SpaceX, has set his sights on revolutionizing the financial industry. During an all-hands call with X employees, Musk announced his plans to make X the center of people’s financial lives, replacing the need for traditional banks.
Musk’s vision for X is ambitious. He wants the platform to handle anything in a person’s life that deals with money, from payments to securities. He envisions a future where individuals won’t need a bank account because X will provide all the necessary financial services.
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The goal is to launch these features by the end of 2024, and Musk is confident that people will be amazed by the power of X. In his own words, “When I say payments, I actually mean someone’s entire financial life.”
X CEO Linda Yaccarino shares Musk’s enthusiasm and believes that this opportunity will be fully realized in 2024. The company is currently working on obtaining money transmission licenses across the US to offer financial services.
Musk’s plans to transform X into a financial hub are not new. He has a history with online banking, having founded X.com, which eventually became part of PayPal. Musk even renamed his Twitter account after X.com, highlighting his commitment to making X a game-changer in the financial industry.
The original vision for X.com included offerings such as high-yield money market accounts, debit cards, checks, and loan services. Musk’s goal is to enable users to send money anywhere in the world instantly and in real time.
However, Elon Musk acknowledges that there are challenges ahead. Convincing people of the need for a platform like X and gaining their trust with their entire financial life will be no easy task.
But Musk is determined to make X an “everything app,” similar to super apps like WeChat in China that offer a wide range of services beyond just financial transactions.
As Musk works towards his vision, he reflects on the missed opportunities of the past. He expressed disappointment in how PayPal, once it became part of eBay, failed to implement the full X.com product roadmap and even rolled back key features.
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Musk believes that X has the potential to be a more complete and revolutionary product than what was envisioned over two decades ago.
It remains to be seen whether Musk can successfully turn X into a rich hub for financial services and achieve his goal of making it an all-encompassing app. But with his track record of innovation and determination, it’s hard to bet against him.
