Elon Musk envisions turning the X platform into a global financial center that encompasses all aspects of your financial life, it is expected that this transformation will be launched by the end of 2024, as announced by Musk to X employees, emphasizing that people will be amazed by the power of this transformation.
Musk explained to employees that when he speaks about payments, he is actually referring to covering all the financial aspects of individuals’ lives, in other words, X will become the financial platform for everything, including money, securities, and more, eliminating the need for traditional bank accounts.
Linda Yacarino, the CEO of X, mentioned that the company believes that the timing in 2024 is ideal for achieving this ambitious goal. Musk pointed out that this goal must be accomplished by the end of the next year, expressing his surprise if it doesn’t happen.
Currently, X is working on obtaining the necessary licenses for money transfers across the United States to provide comprehensive financial services. Musk has expressed his hope to secure more permissions in the coming months.
Previously, Musk discussed his plans to transform X into a financial hub. He indicated that the platform could offer high-yield investment accounts, debit cards, checks, and lending services, with the aim of enabling users to send money anywhere in the world instantly and in real-time.
It is clear that the original plan for X comes with significant challenges, including convincing people of the platform’s importance and building trust in managing their entire financial lives on X. Achieving this goal remains a significant challenge that will require time and effort.
