Musk's X Company held an all-hands meeting on Thursday to mark the one-year anniversary of Musk's acquisition of Twitter. Musk told employees at the meeting that he hopes X will become the center of their financial world and handle everything related to money in their lives. It is reported that Musk said on Thursday that he expected these features to be launched by the end of 2024, and said that people would be surprised by "how powerful it is."
According to a recording of the meeting, Musk said: "When I say payment, I really mean someone's entire financial life. Anything that involves money. It's going to be on our platform. Money, or securities or whatever. So, it's not just sending $20 to my friend. I'm saying, you're not going to need a bank account anymore."
X CEO Linda Yaccarino said at the meeting that the company believes this will be a "full opportunity" in 2024. "I would be shocked if we don't get this out by the end of next year," Musk said.
Company X is currently working on obtaining money transfer licenses across the United States in order to provide financial services. Musk told employees on Thursday that he hopes to get other things needed for X "in the coming months."
Musk has previously discussed his plans to turn X into a financial hub. He has said that the platform will offer high-yield money market accounts, debit cards, checking and loan services, with the goal of allowing users to "send money instantly and in real time to anywhere in the world."
Turning X into a rich financial service center is directly related to Musk's goal of building this platform into a "universal application", which will be similar to China's super applications such as WeChat and provide a full range of services such as shopping and transportation.
However, Musk faces significant challenges in achieving this goal. Convincing people why such a platform is needed is one of them. Getting them to trust X with their entire financial life is another.