{"id":181182,"date":"2023-10-30T16:48:30","date_gmt":"2023-10-30T16:48:30","guid":{"rendered":"https:\/\/hotworldreport.com\/?p=181182"},"modified":"2023-10-30T16:48:30","modified_gmt":"2023-10-30T16:48:30","slug":"would-you-bank-with-x-musk-plans-for-money-transfers-on-site","status":"publish","type":"post","link":"https:\/\/hotworldreport.com\/lifestyle\/would-you-bank-with-x-musk-plans-for-money-transfers-on-site\/","title":{"rendered":"Would YOU bank with &apos;X&apos;? Musk plans for money transfers on site"},"content":{"rendered":"<h1>Would YOU bank with &#8216;X&#8217;? Elon Musk reveals plans to roll out money transfers on social media platform next year amid reports he wants site to REPLACE traditional banks<\/h1>\n<ul>\n<li><strong>The billionaire businessman outlined his financial ambitions for the platform during a company-wide call<\/strong><\/li>\n<li><strong>He said he wants &#8216;someone&#8217;s entire financial life&#8217; to be on the site, so they would no longer need a bank account<\/strong><\/li>\n<li><strong>Musk said it would &#8216;blow his mind&#8217; if the changes were not rolled out by the end of next year<\/strong><\/li>\n<\/ul>\n<p>Elon Musk has revealed plans for social media platform X &#8211; formerly Twitter &#8211; to begin rolling out financial features by the end of 2024.\u00a0<\/p>\n<p>During X&#8217;s first all-hands call since the renaming of the company, the billionaire businessman outlined his financial ambitions for the platform &#8211; which he wants to replace traditional bank accounts for consumers.\u00a0<\/p>\n<p>Musk said he wants &#8216;someone&#8217;s entire financial life&#8217; to be on the platform, according to an audio of the October 26 meeting obtained by The Verge.\u00a0<\/p>\n<p>&#8216;If it involves money. It&#8217;ll be on our platform. Money or securities or whatever,&#8217; he reportedly said.\u00a0<\/p>\n<p>&#8216;So, it&#8217;s not just like send $20 to my friend. I&#8217;m talking about, like, you won&#8217;t need a bank account.&#8217;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/30\/15\/77176947-12688785-The_billionaire_businessman_outlined_his_financial_ambitions_for-a-5_1698680842469.jpg\" height=\"469\" width=\"634\"><\/p>\n<p>The billionaire businessman outlined his financial ambitions for the platform &#8211; which he wants to replace traditional bank accounts for consumers<\/p>\n<p>Chief executive officer Linda\u00a0Yaccarino, who took over the role from Musk in June, said the company sees this becoming a &#8216;full opportunity&#8217; next year, The Verge reported.\u00a0<\/p>\n<p>&#8216;It would blow my mind if we don&#8217;t have that rolled out by the end of next year,&#8217; Musk said in the meeting, according to the outlet.\u00a0<\/p>\n<p>X is reportedly working on obtaining money transmission licenses in every US state in order to be able to offer financial services.\u00a0<\/p>\n<p>So far, the company has obtained licenses in nine states &#8211; including most recently Iowa and Mississippi &#8211; according to Business Insider.\u00a0<\/p>\n<p>Musk has referenced his desire to turn X into a financial hub previously, and even\u00a0renamed Twitter after his dot-com-boom-era online bank, X.com, which eventually became part of PayPal.<\/p>\n<p>Last year, he told employees\u00a0the platform would offer high-yield money market accounts, debit cards, checks, and loan services, according to The Verge.\u00a0<\/p>\n<p>He said the goal was to let users &#8216;send money anywhere in the world instantly and in real-time.&#8217;<\/p>\n<p>Instead of the &#8216;complex and expensive&#8217; systems of traditional banks, he said users would have &#8216;one balance on Twitter that can simply go positive or negative.&#8217;<\/p>\n<p>For places that do not accept Twitter &#8211; now X &#8211; payments, Musk said consumers would get a debit card tied to their balance &#8211; and even traditional checks if they want them.\u00a0<\/p>\n<p>It is familiar territory for Musk, who co-founded PayPal and was openly disappointed by eBay&#8217;s handling of the company when it was bought in 2002. The companies eventually split in 2015.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/30\/15\/77176945-12688785-_It_would_blow_my_mind_if_we_don_t_have_that_rolled_out_by_the_e-a-6_1698680842472.jpg\" height=\"401\" width=\"634\"><\/p>\n<p>&#8216;It would blow my mind if we don&#8217;t have that rolled out by the end of next year,&#8217; Musk reportedly said during a company-wide call on October 26<\/p>\n<p>Speaking at the most recent internal call, he said: &#8216;The X\/PayPal product roadmap was written by myself and David Sacks actually in July of 2000.<\/p>\n<p>&#8216;And for some reason PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy.\u00a0<\/p>\n<p>&#8216;So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.&#8217;<\/p>\n<p>Turning X into a digital bank directly plays into Musk&#8217;s desire to turn the social media platform, which he acquired just over a year ago for\u00a0$44 billion, into an &#8216;everything app&#8217; &#8211; akin to Chinese app WeChat.\u00a0<\/p>\n<p>WeChat is a one-stop-shop, offering instant messaging, social media, shopping and mobile payments.\u00a0<\/p>\n<p>During the internal call on October 26, Musk also expressed his desire to turn X into a &#8216;fully fledged&#8217; dating site.<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/yourmoney\/banking\/article-12688785\/X-Elon-Musk-social-media-bank.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Would YOU bank with &#8216;X&#8217;? Elon Musk reveals plans to roll out money transfers on social media platform next year amid reports he wants site to REPLACE traditional banks The [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":181181,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Would YOU bank with &amp;apos;X&amp;apos;? 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