The CEO of X Elon Musk wants to make X your primary financial platform. He plans to achieve this by offering a wide range of financial services that will be ready by the end of 2024.
These services will cover everything related to your money including banking, investments, and more.
Elon Musk's goal is to create a platform that can replace traditional banks.
He aims to compete with established financial services like PayPal which he believes have regressed over the years.
Currently, X is working on obtaining licences to provide financial services across the United States (US).
Musk is determined to secure these licences in the next few months to move forward with his vision.
This isn't the first time Musk has talked about turning X into a financial hub.
He envisions offering services like high-yield savings accounts, debit cards, checks, and loans.
Ultimately, he wants users to be able to send money worldwide instantly and in real-time.
Musk's plan for X is inspired by his vision for X.com which was a pioneering online bank two decades ago.
He believes that the roadmap for X created in 2000 is more comprehensive than what PayPal offers today.
Musk's ultimate goal is to transform X into an "everything app" that provides various services, similar to popular super apps like China's WeChat.
However, gaining the trust of users and overcoming challenges will be essential to making this vision a reality.
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