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.
The Verge reports that Musk outlined his plans to turn the platform into a financial hub at an all-hands meeting on October 26. He also included a timeline for adding new services by the end 2024.
Musk sees X as a comprehensive financial platform that handles all facets of customers’ financial lives, from securities and money to doing away with the need for conventional bank accounts.
Musk reportedly brought up his invention of the PayPal platform during the meeting. Musk co-founded X.com, which PayPal later purchased. X.com was first intended to be a comprehensive banking platform.
Musk is leading all feature development at X and planning premium offerings with a hands-on approach. In addition to generating cash, the goal is to establish X as a flexible, all-purpose platform for users.
As X develops into an all-in-one app, it may face competition from websites like YouTube, LinkedIn, and Cision PR Newswire, according to Musk’s comments, as reported by Bloomberg. X CEO Linda Yaccarino and Elon Musk presented their plan to launch XWire, a news wire service that would threaten Cision.
Although X is now widely acknowledged as the main forum for news development and discussion, more information about X’s services that compete with Cision, YouTube, and LinkedIn is still to come.
Yaccarino recently talked about the developments and advances the platform has made in the last year in a blog post. She lists popular items, including Audio and Video Calling, Community Notes, and the soon-to-be $1 payment capability for the site.
Additionally, Musk revealed in a post from October 27 that X is looking at the prospect of live-streaming business meetings.