Elon Musk Wants X to Replace Banks, Gives Employees 12 Months to Replace Bank Accounts
- Elon Musk is in the process of turning X, formerly Twitter, into a vast financial platform
- Musk said the platform will become a financial powerhouse that will be the centre of financial transactions
- The billionaire revealed that X will offer high-yield money market accounts, debit cards, checks, and loan service
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Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments and Economy
Elon Musk wants X, formerly Twitter, to be the center of users’ financial world, handling anything that deals with money.
He wants the new features to launch by the end of 2024, he reportedly told X employees during a call on Thursday, October 26, 2023, saying that people will be shocked by the new features.
Source: Getty Images
Musk moves to take over financial transactions
According to the Verge, X CEO Linda Yaccarino, the social media company is becoming a full opportunity in 2024.
The company is working on taking over money transmission licenses across the US to offer financial services in a few months.
The billionaire has plans to turn the company into a massive financial hub.
Must wants to battle PayPal
Musk renamed Twitter after his online payment platform, X.com, which morphed into PayPal, the payment giant.
The Tesla CEO said the platform would offer high-yield money market accounts, debit cards, checks, and loan services to let users send money anywhere in the world instantly in real time.
Turning the microblogging platform into a rich hub for financial services aligns with Musk’s plan of turning X into an everything platform, like the famous Chinese WeChat, offering access to shopping and transportation.
Elon Musk makes $11b overnight as Dangote loses N43.4bn in one day, remains among top 100 billionaires
Legit.ng reported Tesla's chief executive officer, Elon Musk, has overcome weeks of losses that plagued the global tech company's stocks to bounce back with over $11 billion in earnings.
The X (formerly Twitter) owner, whose wealth was declining after closing in on a $200 billion net worth, rebounded as the shares of Tesla witnessed a resurgence.
As of Monday, August 21, 2023, Tesla shares traded at $231.28 per share, a 7.33% recovery from days in the red as traders looked elsewhere for profit.
Source: Legit.ng
