Elon Musk tells employees that X (formerly Twitter) will replace banks and securities companies by the end of 2024
Elon Musk has revealed to his employees that he plans to make X 'the central financial app for everything you need to do with your money,' making bank accounts redundant, according to the tech news site The Verge. reported.
Elon Musk predicts X will replace banks in 2024 - The Verge
Elon Musk wants your 'entire financial life' on X: Report
https://www.cnbc.com/2023/10/27/elon-musk-wants-your-entire-financial-life-on-x-report.html
'When I say 'payment,' I actually mean someone's entire financial life,' Musk said during an all-hands online meeting on October 26, 2023, according to The Verge. If money is involved, it's going to be done on our platform, whether it's cash or securities. It's not like just sending $20 to a friend. This means that there will be no need for a bank account.''
Musk has set the launch date for X's financial services to be sometime in 2024, saying, ``I would be shocked if we don't start offering this service by the end of next year.''
CEO Linda Yaccarino also stated in an online meeting that ``2024 is the perfect opportunity'' to start providing financial services, and in an article on her official blog published on October 26, ``We believe that money is a conversation at X.'' 'We want to move as freely as we can. We have already received our first money transfer licenses in several states and are moving forward with the launch of a global payment system.'
According to the Nationwide Mortgage Licensing System, which manages financial licenses in each state, X has obtained remittance or financial services licenses in nine states in the United States. Musk told employees he is working to secure money transfer licenses across the U.S. and hopes to obtain the necessary licenses for X in the 'coming months.'
Musk has long said that he wants to make X a financial hub, and the name 'X' originally comes from 'X.com,' an online bank during the dot-com boom.
What was 'X.com' originally like? -GIGAZINE
X.com later became PayPal, but its focus on payments deviated from Musk's ideals. Regarding this, Musk said, 'X, or PayPal's product roadmap, was actually written by myself and David Sachs in July 2000. But as soon as PayPal became eBay, For some reason, they not only stopped implementing the parts that remained on the list, but also significantly regressed important features.So, PayPal is actually more complete than we thought it would be in July 2000, or 23 years ago. It's a product with low levels of quality,' he recalled at a meeting with employees.
The Verge says, 'Making X into a rich financial hub is directly connected to Musk's goal of making the platform an 'everything app.' But getting there will take two major steps. There are challenges. One is convincing people why they need such a platform, and the other is getting them to trust X to entrust their entire financial life to them.'
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