Elon Musk To Transform X Into A Financial Service Platform Within A Year
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Twitter’s owner, Elon Musk, continues integrating more features onto the platform. Musk now wants X to be a fully integrated financial service platform by the end of the year.
According to a Verge report, Musk wants X to operate as a financial platform where users can manage their “entire financial life.” Once the financial service features are integrated, X users will no longer need a bank account as they can easily use their X account to complete financial transactions.
Musk’s Big Plans For X
Musk has in the past boasted about plans to expand X’s offerings beyond being a social media platform. He plans to have it operate as an app that does everything, including supporting a wide range of financial services.
While speaking to Verge, Musk opined that when it comes to payments, he wanted to ensure that someone’s entire financial life is available on the platform. X will now support money, securities, and other financial offerings.
“If it involves money, it’ll be in our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account,” Musk said.
X is already making plans to offer financial services. The social media platform has secured money transmission licenses across the United States. Musk, alongside X’s CEO, Linda Yaccarino, seeks to support a myriad of financial features on the platform by the end of next year.
Under Musk’s leadership, X is already unveiling multiple features as it seeks to provide financial services. The platform integrated a tipping feature, allowing users to reward creators while allowing people to charge subscription fees for exclusive content, including newsletters.
There were also reports that Musk would support cryptocurrencies on the new X platform. However, this integration is yet to happen.
Twitter Starts Transformation Journey
These offerings guarantee that Musk fulfills his original X social media platform plans. Before purchasing Twitter and rebranding it into X, Musk had launched an X platform dedicated to financial services.
Musk is also among the brains behind the PayPal financial services platform. He recently noted that modern-day PayPal lacked some features the founders had originally agreed upon during launch. “PayPal is actually a less complete product than what we came up with in July of 2022, so 23 years ago,” Musk said.
