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Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money.\u00a0He 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 with \u201cjust how powerful it is.\u201d<\/p>\n<\/div>\n
\u201cWhen I say payments, I actually mean someone\u2019s entire financial life,\u201d Musk said, according to audio of the meeting obtained by The Verge<\/em>. \u201cIf it involves money. It\u2019ll be on our platform. Money or securities or whatever. So, it\u2019s not just like send $20 to my friend. I\u2019m talking about, like, you won\u2019t need a bank account.\u201d<\/p>\n<\/div>\n X CEO Linda Yaccarino said the company sees this becoming a \u201cfull opportunity\u201d in 2024. \u201cIt would blow my mind if we don\u2019t have that rolled out by the end of next year,\u201d Musk said.<\/p>\n<\/div>\n Musk wants to beat PayPal with the PayPal playbook he wrote two decades ago<\/p>\n<\/div>\n<\/div>\n The company is currently working on locking down money transmissions licenses across the US so that it can offer financial services. Musk told employees Thursday that he hopes to get the others X needs in \u201cthe next few months.\u201d<\/p>\n<\/div>\n Musk has discussed his plans to turn X into a financial hub before.\u00a0He even renamed Twitter after his dot-com-boom-era online bank, X.com, which eventually became part of PayPal. He previously said the platform would offer high-yield money market accounts, debit cards, checks, and loan services, with the goal of letting users \u201csend money anywhere in the world instantly and in real-time.\u201d<\/p>\n<\/div>\n The original plan for X.com is clearly on Musk\u2019s mind. \u201cThe X\/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,\u201d Musk said on Thursday\u2019s internal X call. \u201cAnd for some reason PayPal,\u00a0once 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.\u201d<\/p>\n<\/div>\n Turning X into a rich hub for financial services ties directly into Musk\u2019s goal of making the platform into an \u201ceverything app,\u201d akin to super apps like WeChat in China that offer access to shopping, transportation, and more. <\/p>\n<\/div>\n Musk faces major challenges to get there, though. Convincing people why they need such a platform is one. Getting them to trust X with their entire financial life is another.<\/p>\n<\/div>\n[ad_2]\n","protected":false},"excerpt":{"rendered":" [ad_1] Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money.\u00a0He 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 with \u201cjust how powerful it is.\u201d …<\/p>\n","protected":false},"author":1,"featured_media":7808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/9466"}],"collection":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/comments?post=9466"}],"version-history":[{"count":0,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/9466\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media\/7808"}],"wp:attachment":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media?parent=9466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/categories?post=9466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/tags?post=9466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}