Elon Musk Envisions X as the Hub of People’s Financial Lives, Aiming to Replace Bank Accounts
In a recent all-hands meeting with employees, Elon Musk, the tech visionary and CEO, revealed his ambitious vision for the future of X, suggesting that in about a year, individuals will no longer require traditional bank accounts. Musk stated that X, the project that aims to revolutionize digital transactions, will take center stage in people’s financial lives, handling all matters related to money.
During the meeting, which also featured CEO Linda Yaccarino, Musk expressed his confidence in the capabilities of X, stating that people will be amazed by its power. He emphasized that by “payments,” he meant encompassing an individual’s entire financial life, including money, securities, and more. The ultimate goal is to eliminate the need for a conventional bank account.
Linda Yaccarino added that this transformative shift could become a “full opportunity” by 2024, and Musk asserted his optimism that it would be rolled out by the end of the next year. Musk’s discussion reflected the original vision for X.com, a financial services company, where he disclosed, “The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000.”
Musk went on to highlight a contrast with PayPal’s development path, noting that after its transition to eBay ownership, it failed to implement many of the planned features and even regressed in some areas. Musk found it puzzling that “PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.”
Musk’s grand vision for X is to transform it into an all-encompassing app, similar to China’s WeChat, offering a one-stop solution for various financial transactions and services.
