Elon Musk plans to add financial services to X and make it financial center

Elon Musk is planning to transform the X social network into a financial hub, "managing everything related to your finances in life," reports The Verge.

Musk announced this during a phone conference with X employees on Thursday, stating that people will be amazed by how "powerful" it will be. The new features are expected to be integrated into the social network by the end of 2024.

"When I talk about payments, I really mean someone's entire financial life," Musk said. "This will be on our platform. Money, securities, or anything else." He emphasized that users of the social network won't even need a bank account.

X's CEO, Linda Yaccarino, shared that these capabilities will be available on the social network by the end of 2024. "I would be shocked if we didn't roll this out by the end of next year," Musk remarked.

Currently, the company is working on securing licenses for money transfers across the entire United States to offer financial services. Musk informed employees during the meeting that he hopes to obtain the remaining necessary approvals for X in the "coming months."

It turns out that Musk had contemplated creating a financial platform many years ago. "The product roadmap for X/PayPal was written by me and David Sacks, one of the PayPal investors, back in July 2000," Musk revealed during a phone call with X employees.

"And for some reason, PayPal, after becoming part of eBay, not only didn't implement the rest of the list but essentially rolled back several key features, which is just madness. So, in fact, PayPal is a less perfect product than the one we came up with in July 2000, 23 years ago."