Elon Musk Reportedly Wants Twitter To Take Over Your Financial Life In 2024
Elon Musk's previously stated ambitions to turn X, formerly Twitter, into a one-stop-shop complete with financial services have taken center stage at the company, according to a new report. The Verge claims that X employees were pulled into an all-hands-on-deck meeting today during which Musk issued a new decree: they're to implement financial features into the microblogging service. The company's new owner has an equally ambitious timeline, reportedly stating that the features should be available by the end of next year.
While financial services and tools baked into social media platforms aren't new — Messenger added a money-sending feature years ago, for example — Musk reportedly wants to take things to the next level by enabling X to replace your current bank account. How it will accomplish this is currently unknown, though if history is any indication, Musk himself will likely take to his X account in the coming days to share his ideas.
Would you trust X with your banking info?
Musk hasn't made a secret of his plans, and they extend far beyond trying to replace your checking account. In a perfect world, the billionaire social media owner envisions turning the company formerly known as Twitter into a so-called everything app. Also referred to as super apps, these platforms — China's WeChat being the most notable — exist as a one-stop-shop for just about everything you do on your phone: sending and receiving messages, making calls, booking appointments, playing games, ordering food, and similar.
In early August, word surfaced that Twitter, now X, was exploring the possibility of adding a stock trading hub. That move wasn't surprising, as Musk started talking about his banking ambitions shortly after acquiring Twitter. In November 2022, the company's new owner reportedly held a meeting with Twitter employees to discuss his idea, allegedly calling the implementation of payments a "transformative opportunity." The system he'd detailed at the time would include things like debit cards, instant money transfers, and even loans, The Verge had claimed.
The idea has, much like Musk himself, proven to be controversial. While many have stated that they wouldn't trust X or its owner with their personal financial information, others have had more practical criticism, pointing out that it would be very difficult to launch a WeChat-like service in the U.S. and Europe due to existing laws and regulations.