In a groundbreaking announcement, tech visionary Elon Musk has set his sights on transforming X into the epicenter of the financial world, striving to revolutionize how people manage their finances and ultimately render traditional banks obsolete. Musk’s audacious plan envisions X as the one-stop solution for anything related to money, and he has set an ambitious target for these financial features to be rolled out by the end of 2024.
During an all-hands meeting held on Thursday, Musk outlined his vision for X employees, leaving no room for ambiguity about the extent of his ambition. He asserted that X would encompass “someone’s entire financial life,” encompassing not only currency but also securities and more. Musk declared, “It’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”
X CEO Linda Yaccarino shared Musk’s enthusiasm, expressing her confidence in the project’s success, stating, “It would blow my mind if we don’t have that rolled out by the end of next year.”
Musk’s vision is not a mere pipedream but a calculated endeavor. X is actively working to secure money transmission licenses across the United States, a pivotal step in enabling the provision of financial services. Musk expressed optimism that X would acquire the necessary licenses in the “next few months.”
This isn’t the first time Musk has outlined his ambition to transform X into a financial powerhouse. He previously drew inspiration from his own past, even renaming Twitter as X.com, a nod to his early dot-com era online bank. Musk has revealed plans to offer a comprehensive array of financial services through the platform, including high-yield money market accounts, debit cards, checks, and loan services. His ultimate goal is to enable users to “send money anywhere in the world instantly and in real-time.”
Reflecting on X.com’s initial vision, Musk said, “The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000.” He added that, disappointingly, PayPal, which emerged from X.com, did not fully realize their vision, and even scaled back several key features. Musk emphasized that PayPal has become “a less complete product” compared to their 2000 vision, a gap he intends to bridge with X.
Musk’s grand plan to turn X into a comprehensive hub for financial services aligns with his broader goal of transforming the platform into an “everything app.” This concept mirrors super apps like WeChat in China, which offer users access to various services, including shopping and transportation, within a single application.
However, Musk faces substantial challenges in making his vision a reality. Convincing users of the necessity of such a platform and earning their trust to handle their complete financial life are hurdles he must overcome. Nevertheless, given Musk’s track record of disrupting traditional industries, the prospect of X reshaping the financial landscape cannot be dismissed lightly.