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10/30/2023
Musk Says X Will Be Financial Service Hub by 2024
PYMNTS
Elon Musk reportedly expects X to transform into a payments super app by next year.
“When I say payments, I actually mean someone’s entire financial life,” Musk said during a company all-hands call last week, per a report by the Verge.
“If it involves money, it’ll be on 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.”
According to the report, X CEO Linda Yaccarino said the company sees this becoming a “full opportunity” in 2024.
“It would blow my mind if we don’t have that rolled out by the end of next year,” Musk added.
The Verge noted that X is working on securing money transmission licenses across the U.S. so that it can offer financial services, and Musk told employees that he hopes to obtain the others X needs in “the next few months.”
This isn’t the first time Musk has mentioned his vision of X as a financial super app, or an “everything app.” The company — formerly Twitter — gets its name from his X.com, which ultimately became part of PayPal.
In April, Musk spoke of a day when X — still being called Twitter — would see its valuation balloon to $250 billion, putting it in the same neighborhood as Bank of America, and becoming not just a PayPal rival but also “the biggest financial institution in the world.”
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