X (formerly Twitter), owned by Elon Musk, intends to position itself as a central financial center, encouraging individuals to use it as their primary financial solution rather than traditional bank accounts.
During the inaugural all-hands meeting on October 26, Elon Musk reportedly outlined his vision for transforming the platform into a financial nexus and a timeline for implementing new features by the end of 2024.
Elon Musk envisions X as a comprehensive financial platform encompassing every aspect of users’ financial affairs, from money and securities to eliminating traditional bank accounts.
Elon Musk reportedly mentioned his invention of the PayPal platform during the meeting. Musk co-founded X.Com, which was initially envisaged as a comprehensive financial platform and was later acquired by PayPal, a well-known payment application.
Elon Musk is taking a hands-on approach, directing all feature development and strategizing premium product offerings for the brand. In addition to generating revenue, the focus is positioning X as a versatile, comprehensive consumer platform.
Musk disclosed in a separate report that YouTube, LinkedIn, and Cision PR Newswire are potential competitors to X as it evolves into an all-in-one app.
Musk and X’s CEO, Linda Yaccarino, outlined a strategy to introduce a news wire service named XWire, positioning it as a potential competitor to Cision PR Newswire. X has garnered recognition as a leading news development and discussion platform. The specifics and characteristics of X’s competitive services against YouTube, LinkedIn, and PR Newswire are unknown.
In a recent blog post, Linda Yaccarino discusses the platform’s development and advancements over the past 12 months. She mentions notable features such as Community Notes, Audio and Video calling, and the imminent inclusion of a $1 payment option to the platform.
In addition, Elon Musk announced on October 27 that X is investigating the possibility of live-streaming company discussions.
