Elon Musk is still working toward his goals Dream of creating a “super app” We have been partnering with X (formerly Twitter) since acquiring it late last year.
Now, according to internal recordings obtained by The Verge, Musk wants to make X the go-to financial app within a year. Musk said during the meeting that he wants X to become the center of everything related to money, and that people will be surprised by “how powerful it is.”
When I say payments, I actually mean someone’s entire financial life. If money is involved. It takes place on our platform. Money, securities, anything. So it’s not like just sending a friend his $20. What I’m talking about is that you won’t need a bank account.
Furthermore, X CEO Linda Yaccarino seems to agree with her opinion, saying that next year will be a “great opportunity.” Elon Musk, meanwhile, is working with billionaires to set strict deadlines for rolling out features. He said, “I’d be damned if I didn’t roll it out by the end of next year.”
Earlier this year, it was revealed that Elon Musk’s X was licensed to transfer money or currency in seven US states. This license will enable X to facilitate wire transfers and electronic funds transfers.
Of course, this isn’t Musk’s first time working on a financial services platform. Musk started X.com with others about 20 years ago. X was later rebranded as PayPal and sold to eBay for a high price. But Musk still believes in the same idea and intends to use the playbook he wrote for PayPal to beat PayPal with X.
The X/PayPal Product Roadmap was actually written by myself and David Sacks in July 2000. And for some reason PayPal not only didn’t implement the rest of the list after becoming eBay, they actually rolled back many of the features. Key features, this is crazy. So PayPal is actually a less mature product than the one we invented in July 2000, 23 years ago.
X is not the first app to bundle many services into one app. In China, WeChat is following a similar plan, bundling multiple services, including finance, into one app. However, X will not be limited to one country or region, as Musk plans to offer a way to instantly send or receive money around the world.