Billionaire Elon Musk plans for X (formerly Twitter) to become a financial institution that would change some of the most important functions of banks for users, such as sending money and paying bills, but also investing in capital markets.
The plan is for these functions on the platform to be launched by the end of 2024, Musk announced to employees.
“When I say payments, I’m actually referring to someone’s entire financial life,” announced Musk, as heard in an audio recording obtained by The Verge.
“If it involves money, it will be on our platform. Money or securities or whatever. So it’s not just about sending $20 to my friend. I’m talking about the fact that you won’t need a bank account,” says Musk, reported Bankar.me.
The company is currently working on obtaining licenses to carry out money transactions throughout the United States, so that it can legally offer financial services. Musk told employees he hoped to get the permits “in the next few months.”
The billionaire has previously talked about his plans to turn X into a “financial center,” and even Twitter has taken a new name from its online bank, X.com, which later became part of PayPal.
Mask said at a meeting with employees that the plan for the development of such a platform was made back in 2000.
“For some reason PayPal, when bought by e-commerce service eBay, not only didn’t implement the rest of the list, but actually reverted (to the old) a bunch of core features, which is crazy. So, PayPal is actually a less complete product than the one we designed in July 2000, 23 years ago,” said Musk.
