On a call with X (formerly Twitter) employees, X CEO Elon Musk gave his staff a year to turn the X platform into your new bank. The center of your financial life.
And he wants those features live by the end of 2024.
Musk had previously said he wants to turn X into an “everything app,” and he’s starting with your finances. His first priority is to beat Paypal, which one of Musk’s first companies became part of.
Specifically, Musk wants to offer HYSA, or High-Yield Savings Accounts, money market accounts, debit cards, and loan services. He also wants to make money transfers easy and seamless.
“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,” Musk said.
This will be quite an uphill battle for Musk. Since taking over as CEO, usage on the platform has plummeted. Ad revenue has dropped like a rock. Today was the one-year anniversary of Musk’s takeover of the popular social media platform.