Elon Musk, the owner of Twitter, now known as “X,” has unveiled ambitious plans to reshape the social media platform into a comprehensive financial services provider.
Musk envisions a future where Twitter users no longer require traditional bank accounts, and he aims to integrate payment capabilities that encompass users’ entire financial lives by the end of 2024.
Musk’s Vision for Twitter’s Financial Services
During a company-wide meeting with Twitter employees on October 27, Musk outlined his vision for Twitter’s transformation. He expressed a strong desire to create an integrated financial ecosystem on Twitter, eliminating the need for users to rely on traditional banks. This vision includes the capacity to handle all financial requirements within the platform.
Moreover, Twitter is actively working on securing state money transmitter licenses across the United States. These licenses would enable the company to offer financial services to its user base.
A Long-Held Dream of Elon Musk
Elon Musk’s aspiration to establish a full-fledged financial platform is not new. He, along with venture capitalist David Sacks, conceived an initial roadmap for what later evolved into Twitter/PayPal in July 2000. Sacks had previously served as PayPal’s head of product before becoming its COO.
In emphasizing the seriousness of his objectives, Musk also reassured Twitter staff that he fully expects the new Twitter financial product to launch by the end of 2024, and he would be genuinely surprised if it did not.
This also underscores his strong commitment to swiftly execute this ambitious plan and create a comprehensive financial ecosystem within Twitter.