Elon Musk, the creative mind behind companies like Tesla and SpaceX, continues to reshape industries with his ambitious vision. This time, Musk aims to revolutionize personal finance through X, formerly known as Twitter. In a recent plenary meeting on October 26, 2023, Musk revealed bold plans for X to integrate financial services that could eliminate the need for traditional bank accounts by the end of 2024.

X: A one-stop platform for financial life

Musk revealed that X's payment system will encompass every aspect of a person's financial life, from simple transactions to managing securities. He stated:

"When I talk about payments, what I really mean is the entire financial life of someone. If it has to do with money, it will be on our platform."

This initiative is not limited to peer-to-peer payments like sending $20 to friends. Instead, Musk envisions a future where X completely replaces traditional banking systems.

Although the announcement did not specify new cryptocurrency integrations, X has supported Bitcoin and Ethereum and provides NFT profile functionality. This existing infrastructure hints at the potential interaction between blockchain technology and Musk's ambitious plans.

Undergoing regulatory approval

Musk acknowledged the legal hurdles ahead. X has secured a money service license in nine U.S. states as of mid-2023, with further approvals expected in the coming months. According to X CEO Linda Yaccarino, these features will be fully realized by 2024, in line with Musk's optimistic outlook.

Musk confidently stated: "I would be very surprised if we do not launch this product by the end of next year".

Everything App: X's ambitions go beyond the financial sector

Musk's vision for X extends far beyond finance. Inspired by China's WeChat—a comprehensive platform combining social media, payments, and more—Musk aims to transform X into a global "everything app."

Key developments that Musk pointed out include:

  • Recruitment and dating: Expanding X's social features to compete with LinkedIn and dating platforms.

  • Enhanced video integration: Connecting X to TV to expand video features and reach.

  • Creator ecosystem: Increasing payments for creators, now up tenfold, to encourage content production.

  • Community information verification: Enhancing trust with features introduced in October 2023.

A large amount of engagement

Musk highlighted X's impressive engagement metrics:

  • Over 500 million posts per day.

  • 100 billion views per day.

These figures demonstrate X's growing influence as a platform and its potential to dominate multiple industries.

A milestone in the transition from Twitter to X

This announcement coincides with the one-year anniversary of Musk's acquisition of Twitter in October 2022. Since then, Musk has rebranded the platform, redefined its goals, and set it on a path to become a leading company in the fields of social media, finance, and beyond.

With payment features expected to launch in 2024, X is poised to change the financial world while providing unparalleled functionality for users. Musk's vision reflects his characteristic ambition and commitment to redefining how technology serves humanity.

As X evolves, the world is watching closely. Could 2024 be the year that traditional banks face their biggest challenge yet? With Musk at the helm, that seems entirely possible.