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Nov 01, 2023 881

Elon Musk gives X employees one year to replace your bank

#Fintech

He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.”

Elon Musk envisions X becoming the epicenter of your financial world, taking on all aspects of your financial life. During a recent all-hands call with X employees, Musk revealed his goal to launch these features by the end of 2024, promising that users will be astonished by the platform's capabilities.

Musk conveyed that when he mentions "payments," he's referring to transforming someone's complete financial life. This includes everything related to money, securities, and more. The aim is to eliminate the necessity for a traditional bank account. X's CEO, Linda Yaccarino, anticipates this to become a full-scale reality in 2024, emphasizing that it would be mind-boggling if they don't have it rolled out by the end of the next year, as Musk enthusiastically agreed.

In his quest to reshape X into a financial powerhouse, Musk is pursuing money transmission licenses across the United States, a crucial step for offering financial services. He aims to secure the remaining licenses X requires in the coming months. Musk's plan aligns with his ambition to make X an all-encompassing "everything app" that covers not only financial services but a wide range of features akin to super apps like China's WeChat, which provide access to shopping, transportation, and more.

However, Musk faces significant challenges in this endeavor. Convincing users of the need for such a platform and earning their trust with their entire financial life are key hurdles. This ambitious vision stems from Musk's previous work on the platform, as he draws on his experience from X.com, which eventually became part of PayPal. Back in 2000, Musk and David Sacks crafted the product roadmap for X/PayPal, envisioning a comprehensive financial platform. Musk highlighted how, over time, PayPal moved away from these ideas, making X's vision even more compelling in comparison.