In Elon Musk’s plan, X will be transformed into a bank, and users won’t need an account

Owner of X (previously Twitter), Elon Musk, hinted on Thursday that the platform will launch by the end of 2024 and include financial service management functions. In an all-hands meeting, Mr. Musk reportedly told Linda Yaccarino, CEO of X, that the business requires certain licenses for that and that the requirement will be met in the next months, per a report in The Verge. This is just another attempt by Elon Musk to make X become a “everything app,” similar to WeChat, one of the most widely used applications in China.

At the conference, Mr. Musk stated, “When I say payments, I actually mean someone’s entire financial life,” according to a report from The Verge.

“If money is involved. It will exist on our network. funds, securities, or anything else. It’s not as simple as sending $20 to a pal. He went on, “I’m talking about, like, you won’t need a bank account.”

The corporation sees this as a “full opportunity” in 2024, according to Ms. Yaccarino. Speaking further, Mr. Musk stated, “It would blow my mind if we don’t have that rolled out by the end of next year.”

The organization is now attempting to obtain money licenses around the United States in order to begin providing financial services.

Additionally, Mr. Musk discussed PayPal, which he co-founded in 1998 and that eBay purchased for $1.5 billion in 2002. “David Sacks and I actually wrote the X/PayPal product roadmap in July of 2000,” he was reported by The Verge to have stated during the conference on Thursday.

“And for some reason, after PayPal changed its name to eBay, they not only decided not to implement the other elements on the list, but they also took back a number of important features, which is ridiculous. Thus, compared to what we developed in July 2000-that is, 23 years ago-Paypal is actually a less comprehensive product, he continued.

The billionaire had already discussed transforming X into a financial center. He had mentioned that “there’s this transformative opportunity in payments” when he first met Twitter staff in November of 2022. Afterwards, he had stated that he wanted “people on Twitter to be able to send money anywhere in the world instantly and in real-time”.