Elon Musk's X (formerly Twitter) is planning to position itself as a central financial hub, encouraging users to consider it their primary financial solution and ultimately eliminating the need for traditional bank accounts. Musk envisions X as a versatile platform that covers every aspect of users' financial lives, including money, securities, and more. The goal is to provide an all-encompassing financial solution similar to Musk's earlier creation, PayPal.
Elon Musk's company, X (formerly known as Twitter), is on a mission to transform itself into a central financial hub that aims to replace traditional bank accounts. During an all-hands meeting held on October 26, Musk expressed his vision of turning X into a comprehensive financial platform with a roadmap for implementing new features by the end of 2024.
Musk envisions X as a versatile financial platform that will encompass various aspects of users' financial lives, including money, securities, and more. He referred to his previous venture, PayPal, which was initially conceived as a comprehensive financial platform before being acquired. Musk is taking a hands-on approach, overseeing all feature development and strategizing premium offerings. The goal is not only to generate revenue but also to establish X as an all-in-one platform for users.
In this pursuit, X is considering potential competitors, including online platforms like YouTube, LinkedIn, and Cision PR Newswire. X and its CEO, Linda Yaccarino, introduced a strategy to launch XWire, a news wire service that could compete with Cision. While X has become a primary platform for news development and discussions, more details about its competitive services against YouTube, LinkedIn, and Cision are yet to be revealed.
X has been actively expanding its services and features. The platform offers products like community notes, audio, and video calling and is planning to introduce a $1 payment feature. In addition, X is exploring the possibility of live-streaming company discussions, showing its commitment to diversifying and evolving its services.
(AMAKA NWAOKOCHA, COINTELEGRAPH, 2023)