Elon Musk Wants X To Take Over The Financial Services Industry

Elon Musk owned X is aiming to become financial hub in people’s lives, as he wants people to replace X to be their financial spot, replacing their bank accounts for any kind of financial needs.

On October 26, during the X’s first all-hand meeting with the team, Elon Musk shared his vision to make the platform, a financial hub, a major platform to do all the finances and payments, for users. 

In a recent interview, Elon Musk said, “When I say payments, I mean someone’s entire financial life. If it involves money. It’ll be on our platform. Money or securities or whatever.”  He further added, “It’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account.” 

X Employees Asked to Replace their Banks and turn X into financial hub:

In X’s first-ever all-hands meeting, Musk shared his vision to make the platform a financial hub with a roadmap to roll out the planned features by 2024 end. The meeting, held on October 26, also mentioned the plans of Musk with his X platform. 

As per media sources, during the internal X all-hands meeting, Elon Musk recalled his 23-year-old PayPal design, which he said was designed by him. Notably, Musk was the co-founder of X.Com, which was designed to make it a financial platform. However, the platform was later taken over by PayPal, which is a payment app.

Moving ahead with the same idea, Elon Musk is working to make X, an everything app, which will have a financial angle to be a major aspect of the changes. He visions all the changes and new features to roll out next year, in 2024 December.

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X Team celebrates 1 year of $44 billion takeover, Work on more feature launches:

Elon Musk is personally looking at all the features and planning the brand’s premiums, which will not only aim to generate revenue but also will emphasize making X, an all-rounder platform for users.

Linda Yaccarino, the CEO of X, said, people will be surprised to see X exposing its full power, knowing “How powerful it is.” The recent developments of X being a finance platform soon was the major highlight among other updates.

The other developments which were recently predicted to be a part of X included, audio and video calling features, a $1 payment from users, to ensure that they are not a bot, and other premium features.

Moreover, on October 27, Elon Musk also shared an update, revealing that X is looking to livestream company talks.

Elon Musk tweeted, “Future 𝕏 company talks will be live-streamed so the public can watch too.”

Now, the X users are excited to see what more is there with the rebranded micro-blogging platform.

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