X (formerly Twitter) owner Elon Musk announced Thursday that the platform will soon offer financial management features and will be available by the end of 2024.
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Elon Musk gives X employees one year to replace your bank
“You don’t need a bank account… I’d be really shocked if that doesn’t roll out by the end of next year.”
Elon Musk wants X to be the center of your financial world and handle everything in your life…
— Owen Gregorian (@OwenGregorian) October 27, 2023
In an all-hands meeting with X CEO Linda Yaccarino, Musk confirmed that the company is in the process of obtaining the necessary licenses and plans to meet the requirements in the coming months. revealed.
The move is part of Musk’s plan to turn X into a “do-it-all app” similar to China’s WeChat. Musk emphasized that the platform will cover all aspects of users’ financial lives, including money and securities, eliminating the need for traditional bank accounts.
Elon Musk gives X employees one year to replace your bank
Illustration: The Verge Elon Musk wants X to be the center of the financial world and handle all things money-related in life.He told X employees during the period that he expects these features to be released by the end of his 2024. pic.twitter.com/izKkHmllTS
— John Marcellus (@safespace4space) October 27, 2023
As Yaccarino said, the company aims to capture the “full opportunity” by 2024. Musk has expressed the belief that it will be surprising if the rollout is not completed by the end of next year.
The company is currently focused on obtaining financial licenses across the United States to begin offering financial services.
Yaccarino reports 7.8 billion daily active hours on X, driven by growth in video and community products.
She revealed in a blog post that the average user spends more than 32 minutes on X every day, and the platform continues to see around 1.5 million sign-ups per day.
Mr. Yaccarino believes that X has become a platform for individuals to freely express themselves within legal limits, and that open and respectful discussion is essential to the flourishing of humanity. She also stressed the importance of keeping X safe and acknowledged that progress was being made, although there was still work to be done.
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