As per the report by The Verge, Elon Musk’s X (Formerly Twitter) was supposed to have been a bank by now.
Elon Musk’s Vision for X
As per the report, the point behind Musk’s acquisition of X was to meet his two-part goals, one making it into a “digital town square” and another making it “everything app”; both of which are far from realized.
The report read that in an internal X meeting last year, Musk had said that “would blow my mind” if X could also handle “someone’s entire financial life” by the end of 2024.
In order to meet this goal, X is still developing a Venmo-like payments feature, having secured money transmitter licenses for processing payments in 38 US states which includes California.
Notably, the approval for the same is yet to come in other key states like New York.
Ambitious Vision for Banking, Dating, Recruiting, and Competing with YouTube
This idea takes us back to the original X.com (Now known as PayPal, the online payments service) which Musk co-founded along with Ed Ho, Harris Fricker, and Christopher Payne in 1999. The now “X” and earlier “Twitter”, uses the same domain which Musk bought back in 2022.
As per the report, apart from being a bank, “X” was also envisioned to be a dating service, an alternative to LinkedIn for recruiting, and a YouTube killer as well.
