Elon Musk, the owner of X, formally known as Twitter, has revealed ambitious plans to transform the social media platform into an all-encompassing financial services provider.
During an all-hands meeting with Twitter employees on Oct 27, Musk stated his goal is for Twitter users to no longer need traditional bank accounts once his vision is implemented.
According to a report by The Verge, Musk told staff he aims to roll out integrated payment capabilities on Twitter by the end of 2024.
“When I say payments, I mean someone’s entire financial life,” Musk emphasized, explaining he wants to build a comprehensive system that handles all financial needs so users won’t need a bank.
Twitter is currently working to obtain state money transmitter licenses across the U.S., which would enable the company to deliver financial services to its users. Musk confirmed these efforts, expressing hope the licenses can be secured within months.
Running a full-fledged financial platform has long been a dream of Musk’s. In July 2000, he and venture capitalist David Sacks wrote an initial roadmap for what later became Twitter/PayPal. Sacks served as PayPal’s head of product before becoming COO.
However, Musk pointed out PayPal’s ownership transitioned to eBay in 2002, and the full roadmap was not realized. He also noted several features initially envisioned were rolled back under eBay.
Conveying the seriousness of his goals, Musk told staff he would be blown away if the new Twitter financial product does not launch by the end of 2024.
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