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Elon Musk to Make X the Center of Financial Hub
By Kabir Abdulsalam
Elon Musk has set his sights on a new goal to turn X into the center of financial world.
In an all-hands meeting with employees on Thursday, Musk said that he wants X to handle everything in your life that deals with money, including high-yield money market accounts, debit cards, checks, and loan services.
He expects those features to launch by the end of 2024.
“You won’t need a bank account,” Musk said. “It would blow my mind if we don’t have that rolled out by the end of next year.”
Musk’s vision for X is ambitious, but it’s not entirely new. He previously said that he wanted to turn Twitter into a “one-stop shop” for finance, akin to super apps like WeChat in China.
His original plan for X.com, which eventually became part of PayPal, was also to create a comprehensive financial platform.
But turning X into a financial hub is a bold move that could shake up the banking industry.
Musk faces some major challenges to get there, including convincing people why they need such a platform and getting them to trust X with their entire financial life, the Verge reports
What Does This Mean for You?
If Musk is successful in turning X into a financial hub, it could have a major impact on how you manage your money. You could potentially do everything from depositing your paycheck to getting a loan to investing in stocks, all from within the X app.
However, it’s important to note that Musk is still in the early stages of planning this venture. It’s not clear what specific features X will offer, or how it will compete with established banks and financial institutions.
It will also be important to see how Musk addresses the challenges of trust and regulation. X has been criticized for its handling of data privacy and moderation, and it’s not clear if people are ready to trust X with their money.
