Media: Musk spoke about plans to supplement social network X with financial services

The owner of the social network X (formerly Twitter), Elon Musk, plans to introduce financial services into it by the end of 2024, including allowing users to transfer money and buy securities. About it reported The Verge portal with a link to an audio recording of a meeting of X employees, which took place on Thursday, October 26.

“When it comes to money, it will be on our platform. Money, securities or something else. So, it’s not just sending $20 to my friend. What I’m saying is you don’t need a bank account,” he said.

According to X CEO Linda Yaccarino, the company sees this capability becoming available in 2024. According to The Verge, the company is now working to obtain money transfer licenses throughout the United States.

It is clarified that Musk has already discussed his plans to turn X into a financial center. According to The Verge, this was precisely the reason for the change in the name of the social network – Musk renamed it in honor of his online bank of the dot-com boom era, X.com, which later became part of PayPal.

Previously Bloomberg wrotethat Musk plans to turn X into a competitor to YouTube and LinkedIn as the company’s employees now pursue new businesses in video and recruiting. According to the agency, Musk also has ideas for creating a news service called XWire, which could compete with Cision’s PR Newswire.

Musk closed the deal to purchase Twitter on October 27, 2022 for $44 billion. On July 24, Twitter was renamed X. Innovations also affected the platform logo: instead of a blue bird, it now features the letter X, and the domain has changed to x.com. Posts on Twitter after the rebranding of the social network will be called “Xs” rather than “tweets.”