30 October 2023

Elon Musk wants X to replace users' bank accounts within a year

Written By FinTech Alliance

Elon Musk wants X to replace users' bank accounts within a year

Elon Musk wants X to manage users' "entire financial life" so that they "won't need a bank account" by the end of next year.

In brief:

-Musk has long boasted about his plans to move X (formerly Twitter) beyond its microblogging beginnings into an app that does everything, including an array of financial services.

-Twitter has previously nibbled around the edges of financial services, adding a tipping feature for users to reward creators on the platform and enabling people to charge subscription fees for exclusive content, like newsletters.

-Musk is determined to go further, fulfilling his vison for the original X.com, which he founded a quarter of a century ago.

What does this mean?

"The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,” Musk said on this week's call.

Read more here.

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