Elon Musk said he envisions X as the central hub for all financial needs, aiming to revolutionize how money is managed in daily life, The Verge reported.
He plans to launch new features to make X an all-in-one financial center for users by the close of 2024, Musk reportedly told X employees during a call last Thursday. While Musk didn’t disclose specific features, he has said in the past that he envisions X eventually offering debit cards, checks, and loans, ultimately becoming a “high-yield money market account.”
In the meeting, Musk emphasized that the concept of “payments” transcends mere transactions, but rather encompasses an individual’s entire financial ecosystem.
“When I say payments, I actually mean someone’s entire financial life,” Musk said on an all-hands call on Thursday, according to audio obtained by The Verge. “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.”
CEO Linda Yaccarino also expressed confidence in X’s evolution on the call, considering it a substantial opportunity expected to be fully realized by 2024, per The Verge.
X is currently in the process of acquiring the necessary licenses in individual U.S. states to provide banking or money transfer services, per Business Insider. Presently, the platform holds licenses in nine states (Arizona, Maryland, Georgia, Michigan, Missouri, New Hampshire, Rhode Island, Iowa, and Mississippi), per Coindesk.
Is X Turning Into a Dating App?
Musk also expressed enthusiasm that X will evolve into a “fully fledged” dating site by 2024, Business Insider reported. However, a source present for the call told the outlet that Musk did not delve into the specifics of how X would transition into a dating app, whether there was user demand for such features, or what other product changes might be enacted to facilitate this transformation.
Still, Musk’s ambitions for X in the coming year align with his previous statements about establishing X as an “everything app,” akin to the multifaceted apps prevalent in regions like China, such as WeChat, which provide extensive services from shopping to transportation.
“He wants people to pay for everything,” one of the X sources on the call told Insider.