It's been exactly one year since the world¡¯s richest person, Elon Musk, completed the deal to buy Twitter for $44 billion?on October 27, 2022.
Since then, the social networking platform has?undergone a lot of major changes, including mass layoffs, changing the bird logo, and even changing the platform¡¯s name from Twitter?to X. But it seems that all this is just the beginning.?Elon Musk's recent bold prediction is a testament to that.
Former Twitter CEO?Musk?has predicted that his social networking platform?X (formerly Twitter) will replace banks?by next year, 2024.
Elon Musk wants?X to be the centre of your financial world, handling anything in your life that deals with money. He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised by ¡°just how powerful it is.¡±
¡°When I say payments, I actually mean someone¡¯s entire financial life,¡± Musk said, according to audio of the meeting, as per The Verge report.?¡°If it involves money. It¡¯ll be on our platform. Money or securities or whatever. So, it¡¯s not just like send $20 to my friend. I¡¯m talking about, like, you won¡¯t need a bank account.¡±
Joining Musk in pursuing the bold prediction,?X CEO Linda Yaccarino?also said that the company sees this as a ¡°full opportunity¡± in 2024. ¡°It would blow my mind if we don¡¯t have that rolled out by the end of next year,¡± Musk said.
X is?currently working?on?locking down money transmission licences across the US?so that it can offer financial services.?Elon Musk?told employees Thursday that he hopes to get the others X needs in ¡°the next few months.¡±
Elon Musk has discussed his plans to turn X into a financial hub before. He even renamed Twitter after his dot-com boom-era online?American bank,?X.com, which eventually became part of PayPal.?He has previously mentioned that X will offer high-yield money market accounts, debit cards, checks, and loan services, with the goal of letting users ¡°send money anywhere in the world instantly and in real-time.¡±
The original plan for X.com is clearly on Musk¡¯s mind. ¡°The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,¡± Musk said on Thursday¡¯s internal X call. ¡°And for some reason, PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy. So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.¡±
Turning X into a rich hub for financial services ties directly into Musk¡¯s goal of making the platform into an ¡°everything app." But Elon Musk faces?major challenges to get there, with the major ones being convincing people why they need such a platform and getting them to trust X with their entire financial lives.
Also Read:?Elon?Musk?Biography Reveals he Bought?Twitter?Out Of Boredom
If you thought that Musk does not have any banking experience, you are wrong. Besides launching X.com, an American online bank, in 1999, Elon Musk even?interned at a bank. Musk had interned at the Bank of Nova Scotia in the early 1990s, where he used to get a stipend of $14 per hour.
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