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Twitter’s transformation doesn’t stop at the name change. Since buying the social network for $44 billion in 2022, Elon Musk has been outlining the outlines of a much more ambitious platform. The latest development is ? X Money, a comprehensive financial service that aims to replace your traditional bank account. The CEO of X and Tesla announced it bluntly during a meeting with his employees: “When I talk about payments, I'm really talking about a person's entire financial life. If it involves money, it's going to be on our platform. »
A Fintech Visionary's Return to His Roots
This announcement marks a return to his roots for Elon Musk. Few people remember it, but before PayPal, there was X.com. This online bank created by Musk in 2000 would later merge with Peter Thiel's service to create PayPal. ” The product plan for X/PayPal was written by myself and David Sacks in July 2000 ,” Musk recalls. ” For some reason, once acquired by eBay, PayPal not only failed to implement the rest of our ideas, but even removed essential features. “
Twenty-three years later, Musk plans to pick up where he left off. X Money will not be limited to simple money transfers between friends. The platform aims to offer high-yield savings accounts, debit cards, loan services and even investment portfolio management. A strategic partnership with Visa, announced in January 2024, lays the first stones of this ambitious edifice.
200% Deposit Bonus up to €3,000 180% First Deposit Bonus up to $20,000Can the WeChat model conquer the West ?
The inspiration behind X Money is without doubt : WeChat, the Chinese super-app with 1.4 billion users. “ People literally live on WeChat in China because it's convenient and useful in everyday life,” Musk says. “If we could achieve that with X, that would be a huge accomplishment.”
X CEO Linda Yaccarino shares that enthusiasm. She promises that the Visa partnership is just “the first of many big announcements coming to X Money this year.” The company is currently working on obtaining the necessary licenses to offer financial services across the United States, a process Musk hopes to finalize “in the coming months.”
Yet the challenges remain colossal. User trust, which has been particularly undermined since the tumultuous acquisition of Twitter, will have to be regained. American and European financial regulations, which are much stricter than in China, constitute another major obstacle. Not to mention the fierce competition from traditional banks and established fintechs like PayPal, Cash App or Venmo.
The last piece of the “everything app” puzzle
X Money represents the centerpiece of the “everything app” strategyp Elon Musk. The social network has already begun its diversification with the launch of audio and video calls in October 2023, then a TV application in September. The addition of full financial services would mark a decisive evolution towards this super-app model.
The official X Money account, created in January 2024 and followed by 190,000 users, clearly displays its ambitions: “For all your money movements, powered by X, launching in 2025.” While the initial schedule called for a launch in 2024, the delay is a testament to the complexity of the project.
- X Money aims to replace your traditional bank with comprehensive financial services
- A partnership with Visa lays the foundations for this major transformation
- The launch is planned for 2025
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