Elon Musk Reveals His Big and Secret Vision for X. 🤐🧾
In a recent Spaces Thursday session with Ark Invest CEO Cathie Wood, Elon Musk shared his grand vision for X, the social media platform formerly known as Twitter. Musk aims to transform X into a comprehensive super app, seamlessly combining social media, communication, and financial payments.
The cornerstone of this vision was the $44 billion acquisition of Twitter in 2022, a strategic move bringing Musk one step closer to realizing his dream of a multifunctional platform. During the session, Musk provided crucial updates on X's financial licensing progress, shedding light on both achievements and challenges.
Musk claimed a majority of states are supportive of X's financial plans. However, the final hurdle lies in securing transmitter licenses, with particular emphasis on key states like New York and California. The tech mogul openly acknowledged initial chaos and delays in the submission of money transfer licenses, citing bureaucracy as a notable challenge.
Despite these obstacles, Musk remains optimistic about the timeline for regulatory approvals. He predicts that by mid-2024, X will receive the green light, with New York and California playing pivotal roles in the process. Confident in avoiding delays beyond the projected timeline, Musk's foresight aligns with the potential integration of both cryptocurrencies and traditional payment methods on the platform.
X's entry into financial payments, led by Musk, aims to rival PayPal, creating a seamless blend of social engagement and transactions for users. This move positions X as a one-stop-shop in the competitive landscape.
Musk's push for a transformative super app, merging social media with payments, captivates the financial world. Regulatory confidence signals a strategic vision poised to reshape how we interact with social platforms and digital transactions.
