Does Elon Musk Want X To Be The New Bank Of The Future?

Originally Posted: Publish0x

Elon Musk, the controversial billionaire founder of Tesla and SpaceX, has a new project on his hands: turning X (formerly Twitter) into a financial center where users can manage all their money without needing a bank account. According to various sources, Musk gave his X employees a period of one year to launch a payment system that allows users to send and receive money, buy and sell stocks, invest in cryptocurrencies and access other financial services from the same application .

"When I say payments, I actually mean someone's entire financial life", Musk told his employees. "If it involves money, it will be on our platform. Money or securities or whatever. So it's not just 'send $20 to my friend'. I'm talking about you won't need a bank account". Musk has ambitions to turn In fact, Musk claimed that X success as a do-it-all app will "overtake" that of WeChat.

To achieve this goal, Musk has introduced a number of new features and changes to the platform's core experience since acquiring the company, including the launch of a preview version of video and audio calling for some users, payment to content creators on the platform and Twitter Payments LLC's registration with the US Department of the Treasury to be able to transmit money between users in all US states and territories.

However, Musk's plan is not without challenges and risks. On the one hand, X will have to earn the trust of both users and regulators, who are increasingly critical of novel digital payment entities. On the other hand, X will have to compete with other established financial platforms, such as PayPal, Venmo, Square or Robinhood, which already offer services similar to those that Musk intends to integrate into X.

In addition, some experts warn of the possible negative consequences of concentrating so much power and information in a single application. "It is a dangerous idea for a company to have access to all the personal and financial data of its users", Professor Shoshana Zuboff, author of the book: The Age of Surveillance Capitalism, told Ars Technica, "This creates a huge vulnerability for both individuals and for society as a whole".

Although I have my personal reservations about the figure of Elon Musk, you cannot take away the merit that he is a visionary who has the intelligence and money to achieve what he sets out to do. His plan to turn X into a comprehensive financial platform is another example of his ambition and his capacity for innovation. However, it is also a reminder of the risks and challenges involved in digitalizing the financial sector. Will X be the new bank of the future or the new monopoly of the present? Only time will tell. What do you think?

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