'X Will Replace Banks In 2024,' Elon Musk Makes Bold Prediction To Turn Twitter Into A Financial Hub

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.

What Has Elon Musk Predicted

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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.

How Is X Planning To Become A Financial Hub?

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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.

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Also Read: Elon Musk Biography Reveals he Bought Twitter Out Of Boredom

When Elon Musk Himself Worked At A Bank

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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