Elon Musk envisions X will become a financial powerhouse in a year

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A year after Elon Musk took the reins at Twitter, changes keep rolling in like autumn leaves in a breeze. And it seems the transformation won't be slowing down anytime soon. Musk is on a mission to reshape the former Twitter into X, an everything app.

Apparently, Musk envisions X as the epicenter of your financial world, handling all things money-related in your life. He shared his expectations with X employees in a recent all-hands call, hinting that the new features would surprise people with their power.

According to an audio of the meeting obtained by The Verge, Musk clarified during the call, "When I say payments, I actually mean someone’s entire financial life. If it involves money, it’ll be on our platform—money, securities, or whatever. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account."

In essence, Musk aims for the app to go beyond simple money transfers, extending to include loans, debit cards, savings, and global money transfers, essentially making traditional bank accounts obsolete.

X CEO Linda Yaccarino expressed the company's optimism, foreseeing this as a complete opportunity by 2024. Musk added, "It would blow my mind if we don’t have that rolled out by the end of next year."

To make this financial evolution happen, the company is actively securing money transmission licenses across the US, with progress already made in some states.
Musk has previously outlined his vision of turning X into a financial hub, even renaming Twitter after his dot-com-boom-era online bank, X.com, which later became part of PayPal.

The platform is expected to offer a range of financial services, including high-yield money market accounts, debit cards, checks, and loan services. Musk's ultimate goal is to enable users to "send money anywhere in the world instantly and in real-time."

This transformation aligns with Musk's broader ambition of making X an "everything app," comparable to super apps like WeChat in China, which provide access to shopping, transportation, and more.

No thank you, i dont want to have a social credit system that's integrated in an everything app.

Musk redefines Twitter as X, an all-in-one financial app. Aiming to revolutionize money services, making traditional banks obsolete. Ambitious plans for global financial accessibility

In the past, I would have supported most things that Elon would come up with, but now I seriously question just about everything he has been involved in.

I am now firmly of the belief that much of his previous success in business has far more to do with the employees, engineers, etc working for him. He deserves some praise for his vision and business choices he made in the past, but I think there was just as much luck as there was skill involved.

Now we are seeing the true Elon Musk, unfiltered on his social media platform and it is obvious that he is far from the Tony Stark like genius that everyone assumed he was. One question we can ask, did social media rot his brain or was he always like this?