Last week, Elon Musk addressed X employees with his plans to turn the social network into a super app capable of replacing banks. Let’s take a look at this ambitious project, whose deadline has been set for the end of 2024.
Elon Musk sees his social network X as the replacement for banks
During a general call with X employees last Thursday, Elon Musk shared his plans to turn the social network into a super app so complete, it would be able to replace banks. At least, that’s what The Verge reported:
“When I talk about payments, I’m actually talking about someone’s entire financial life. If it’s about money. It’s going to be on our platform. Money or securities or whatever. So it’s not like I’m sending my friend $20. I’m talking about the fact that you won’t need a bank account. “
As for the time horizon, the entrepreneur was ambitious, estimating this timeframe at the end of 2024.
It’s worth noting that X.com was originally one of the world’s first online banks, founded by Elon Musk in March 1999 at the age of 27. Later, it was through a merger between X.com and Coinfinity that PayPal emerged.
So, the billionaire intends to pick up where he left off with his original plans :
“The X/PayPal product roadmap was written by myself and David Sacks in July 2000. And for some reason, PayPal, once it became eBay, not only didn’t implement the rest of the list, but they actually removed a number of key features, which is crazy. So PayPal is actually a less complete product than what we offered in July 2000, so 23 years ago. “
For the time being, X already has 9 financial services and money transfer licenses in 9 US states:
Financial licenses held by X
Following his takeover of Twitter, Elon Musk made no secret of his ambitions for future financial services on the platform, including those linked to Web3 technologies. We’ll therefore be able to follow the progress of the social network’s metamorphosis between now and next year, even if we must often expect further delays in the case of such estimates.
