Elon Musk has made no secret of his desire to turn X.com (formerly Twitter) into the ‘everything app’ and add transactions, similar toChina’s WeChat App and WeChat Pay. Yesterday he shared his vision with the company in an all hands meeting and The Verge accessed audio of the talk in which Musk says users will no longer need a bank.
“If it involves money, it’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account,” said Musk. The target date for launching the offering is the end of 2024.
A year ago, during a Twitter spaces event shortly after acquiring the company, Musk first outlined his goal of enabling peer to peer payments and a money market fund. In a staff meeting the same week, he said if Twitter addresses all its users financial needs, “we will be the people’s financial institution.” He mentioned offering a high yield money market account, so “having a Twitter balance is the highest-yield thing that you can do.”
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