The owner of the X platform, Elon Musk, has announced plans to transform the social media platform into an all-encompassing financial center.
The popular X CEO held a company-wide meeting with employees last Thursday, during which he made significant announcements about his goals. Musk claimed that the aim is to ensure that X users won't need a bank account after the implementation of these plans. Musk noted that the proposed payment features will be rolled out on X by the end of 2024, and he believes it will be a powerful application that will leave people amazed at the scope of these capabilities.
"When I say payments, I mean someone's entire financial life," he said.
Elon Musk emphasized that the proposed application will go beyond simply transferring money from one user to another. He stated that they plan to create a payment system that will meet all of a user's payment needs, eliminating the need for a bank in the process.
Reports suggest that X is in the process of securing money transfer licenses nationwide in the United States. These licenses would enable the social media platform to offer financial services to its users. Musk confirmed this during the meeting and expressed hope that they would acquire these licenses in the next few months. Managing the financial system has been a long-term dream for the owner of X. Musk revealed during the meeting that he and the prominent venture capitalist David Sacks had written the X/Paypal roadmap back in July 2000. Sacks, who later served as the Chief Operating Officer of the company, previously worked as the product leader at PayPal. Musk also noted that the full implementation of the roadmap didn't continue after PayPal was acquired by eBay in 2002. He also mentioned that many critical features were taken back by PayPal after the acquisition.
Musk stressed the seriousness of implementing the payment application on X, telling employees that it would blow their minds if the product wasn't launched by the end of 2024.
#elonmusk #twitter #DeFi
