Elon Musk Is Turning X Into a Super Bank by 2024

Elon Musk Is Turning X Into a Super Bank by 2024

News by Roberto Orosa
Published: October 30, 2023

X (formerly Twitter) owner Elon Musk has made bold predictions regarding the future of his social media platform.

In an all-hands call last week, the billionaire argued people will be surprised with "just how powerful" X is, as he presented his plans for the platform to become the only one users will need to handle their finances. 

"You won’t need a bank account... it would blow my mind if we don't have that rolled out by the end of next year," Musk told his employees on Thursday.

"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 revealed in an audio recording cited by The Verge.

Turning X Into the 'Everything App'

Earlier this year, Musk has openly confirmed his plans to turn X into the "everything app," while also announcing new features to the app such as audio and video calls and in-app stock trading

The billionaire explained he plans to turn X into a financial service, saying that the app would soon provide debit cards, checks and loan services to allow users to "send money anywhere in the world instantly and in real-time."

Now, Musk is taking X to the next level by obtaining money transmission licenses in the U.S. in order for the app to become financial services provider.

Musk To Bring Changes to Creator Monetization

In his most recent update, Musk announced "slight changes" to X's Creator Monetization program, forbiding posts fact-checked by X's Community Notes from being monetizable. 

"The idea is to maximize the incentive for accuracy over sensationalism," he wrote.

Musk noted that attempts to weaponize the Community Notes feature to demonetize posts "will be immediately obvious."

Despite Musk's efforts to make X a reliable source of information, he was hit by a Community Note over a "meme" he had posted regarding politics. 

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