Musk has a new plan: he will become a banker

Musk has a new plan: he will become a banker

San Francisco, October 29, 2023

According to The Verge, Elon Musk wants to make X, formerly Twitter, a central financial center by the end of 2024 to replace banks. Musk shared the idea Thursday during an all-hands call with employees, the audio recording of which was obtained by The Verge.

Musk clarified that when he talks about payments, he means “someone’s entire financial life.” This means everything that has to do with money, be it cash, securities or more.

“So it’s not like I’m sending my friend $20,” Musk said. “I’m talking about not needing a bank account.”

According to The Verge and the Nationwide Mortgage Licensing System, X is seeking money transfer licenses throughout the United States. Licenses have already been acquired in nine states.

Musk has already expressed a desire to make X a financial hub and even renamed Twitter after his former online bank X.com, which later merged with PayPal.

Integrating financial features into the platform could be in line with Musk’s goal of creating an „everything app.“