Elon Musk: X Payment System Will Replace Bank Accounts

Elon Musk, owner of the X platform, has announced plans to transform the social media platform into an all-encompassing financial hub.

The popular X boss held a mass meeting with company employees last Thursday. During this meeting, he made an important statement about his goals. Musk claimed that the goal was to ensure that X users would not need a bank account once their plan was implemented. #Musk noted that the proposed payment features will be available on X by the end of 2024. According to him, this will be a powerful application and people will be surprised by the scope of such powers.

“By payments I mean someone's entire financial life,” he said.

#ElonMusk emphasized that the proposed application would go beyond sending money from one user to another. He stated that he plans to create a payment system that will meet all the payment needs of users. According to the plan, he will not need the bank from now on.

According to reports, #X is in the process of securing money transmission licenses across the US. Such licenses will allow the social media platform to offer financial services to its users. Musk confirmed this during the call and said he hopes to receive these licenses in the next few months. Managing the financial system was a long-term dream for owner X. During the interview, Musk told employers that he and famous venture capitalist David Sacks wrote the X/Paypal road map in July 2000. Sacks served as PayPal's product leader before becoming the company's chief operating officer. Additionally, Musk noted that PayPal did not continue full implementation of the roadmap after eBay acquired it in 2002. He also noted that PayPal rolled back many critical features after the takeover.

Musk emphasized his seriousness in implementing payment in X, telling his employees that it would blow his mind if the product was not released by the end of 2024.
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