Elon Musk’s Vision: X Becoming a Bank with No Account Necessity

Elon Musk stated that the company is presently in the process of obtaining financial licenses throughout the United States, enabling them to initiate the provision of financial services.

Elon Musk, the owner of X (formerly known as Twitter), hinted on Thursday that the platform will introduce tools for overseeing financial services, with a target launch date by the conclusion of 2024. As reported by The Verge, during an all-hands meeting led by Mr. Musk and X CEO Linda Yaccarino, he mentioned the necessity of obtaining specific licenses for this purpose, assuring that the prerequisites would be met in the coming months. This represents another step in Mr.Musk’s effort to transform X into comprehensive application,akin to widely-used services like WeChat in China.

“When I say payments, I actually mean someone’s entire financial life,”Mr Musk said at the meeting,as per The Verge report.

“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account,” he further said.

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Ms Yaccarino said the company sees this becoming a “full opportunity” in 2024. Mr. Musk expressed, “It’d be astonishing if we didn’t launch it by the end of the upcoming year.”

The company is actively pursuing licenses in the United States to initiate the provision of financial services.

At Thursday’s meeting, Mr. Musk talked about co-founding PayPal in 1998 and its $1.5 billion sale to eBay in 2002. As per The Verge, he stated, “The X/PayPal product roadmap was devised by me and David Sacks in July 2000.”

“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. Mr. Musk remarked that PayPal,as it stands, is less comprehensive than their 2000 concept, which is now 23 years ago.

The billionaire had spoken about turning X into a financial hub before. In November 2022, while meeting Twitter employees for the first time, he had said that “there’s this transformative opportunity in payments”. He also discussed his aim to enable instant, real-time worldwide money transfers for Twitter users.

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