Elon Musk-owned X (formerly Twitter) has revealed its plans to become a central financial hub, positioning itself as a primary financial solution for individuals instead of traditional bank accounts. According to a report by The Verge, Musk shared his vision during an all-hands meeting on October 26, outlining a roadmap to implement new features by the end of 2024.
Musk envisions X as a comprehensive financial platform that covers all aspects of users’ financial lives, including money and securities, with the goal of eliminating the need for traditional bank accounts. During the meeting, Musk referenced his creation of the PayPal platform, which was originally conceived as a comprehensive financial platform before being acquired by PayPal.
In a tweet, Musk announced that future company talks will be live-streamed, allowing the public to watch as well. This move highlights Musk’s hands-on approach at X, where he oversees all feature development and strategizes premium offerings. The focus is not only on revenue generation but also on positioning X as a versatile platform for users.
According to Bloomberg, Musk sees online platforms such as YouTube, LinkedIn, and Cision PR Newswire as potential competitors to X as it aims to become an all-in-one app. Musk and X CEO Linda Yaccarino unveiled a strategy to introduce a news wire service named XWire, positioning it as a potential competitor to Cision. While X has gained recognition as a primary platform for news development and discussions, more details about its competitive services against YouTube, LinkedIn, and Cision are yet to be revealed.
Yaccarino discussed the progress and advancements X has achieved over the past year in a recent blog post. She highlighted notable products like Community Notes, Audio and Video Calling, and the upcoming addition of a $1 payment feature to the platform.
In another tweet, Musk announced that X is exploring the possibility of live-streaming company discussions, further emphasizing the platform’s commitment to transparency.
It is important to note that the original article and sources can be found at The Verge and Bloomberg, respectively.
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀