Elon Musk-owned X (formerly Twitter) aims to position itself as a central financial hub, encouraging individuals to consider using it as their primary financial solution instead of traditional bank accounts.
According to a report by The Verge, during an all-hands meeting on Oct. 26, Musk expressed his vision for transforming the platform into a financial hub, with a roadmap to implement new features by the end of 2024.
Musk envisions X as an all-encompassing financial platform, covering every aspect of users’ financial lives, from money and securities to eliminating the need for traditional bank accounts. According to reports, Musk referred to his creation of the PayPal platform during the meeting. Musk co-founded X.com — originally conceived as a comprehensive financial platform — which was subsequently acquired by PayPal.
Future company talks will be live-streamed so the public can watch too
— Elon Musk (@elonmusk) October 27, 2023
Musk is taking a hands-on approach at X, overseeing all feature development and strategizing premium offerings. The focus is not only on revenue generation but also on positioning X as a versatile, all-round platform for users.
According to Bloomberg, Musk revealed that online platforms such as YouTube, LinkedIn and Cision PR Newswire are seen as potential competitors to X as it progresses toward becoming an all-in-one app.
Musk and X CEO Linda Yaccarino unveiled a strategy to introduce a news wire service named XWire, positioning it as a potential competitor to Cision. X has gained recognition as a primary platform for news development and discussions, but more details of X’s competitive services against YouTube, LinkedIn and Cision have yet to be revealed.
Related: X ‘everything app’ push continues as Elon Musk tests video …
In a recent blog post, Yaccarino discussed the progress and advancements the platform has achieved over the past year. She mentions notable products like Community Notes, Audio and Video Calling, as well as the upcoming addition of a $1 payment feature to the platform.
Furthermore, in an Oct. 27 post, Musk announced that X is exploring the possibility of live-streaming company discussions.
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