At the end of 2022, Tesla founder Elon Musk took over the Twitter messaging service. Since then, the platform has changed a lot and even received a new name “X”. Now it has become known that Musk wants to turn “X” into a powerful bank.
Since Elon Musk took over Twitter, the short messaging service has changed a lot. The meaning and purpose have changed within just a few months. Musk has his own plan for “X”. This can also be seen in the fact that he wants to earn money with it and is now asking some users to pay. Now the next step is to follow: Elon Musk wants to turn “X” into a bank or an “app for everything” in the foreseeable future, as he revealed in an internal company meeting.
This is how Elon Musk sees “X” in the future
During an all-hands meeting – a company discussion between employees and the managing director – Elon Musk chatted about his future plans with “X”. He wants to turn the intelligence service into a fully comprehensive, digital direct bank. The audio recordings were given to the US tech magazine “The Verge” leaked.
Accordingly, “X”, formerly Twitter, should be the main point of contact for customers when it comes to finances. According to Musk, the function should be available by the end of 2024. Important steps have already been taken to make it available. It is said that the company is currently working on obtaining licenses for money transfers in the USA in order to be able to offer financial services. This should also make classic (online) banks superfluous, as you should be able to do all your banking transactions with “X”. Musk also commented on his plans as follows: “It would blow me away if we didn’t have this in place by the end of next year.”
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The decision doesn’t come as much of a surprise
As early as 1999, Elon Musk founded the site “x.com” in the so-called “dot-com boom era,” which later became the payment service PayPal. It is no coincidence that Elon Musk renamed the messaging service “X” after taking over Twitter and now wants to turn it into a bank. When he took over the short message service, he probably already had a plan to transform the app into a powerful bank.
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But “X” will not only function as a banking app in the future, but also as an “app for everything”. But what exactly is meant by this is not described in more detail. Presumably it could be similar to the “WeChat” app from China, where you can basically chat, pay, and do almost everything.
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