The X app owner Elon Musk has expressed his mission to transform the social media platform into a central financial hub. Based on his plans, he sees the possibility of achieving this feat before the end of next year and therefore, encourages the public to leverage the new offering and ditch traditional banking services.
X to Take Out Traditional Banks
During an all-hands call with his employees on Thursday, Musk talked about how surprised people will be when they realize how powerful his proposition is. He envisions that X will cover all aspects of a person’s financial life, from their money to securities, thereby mitigating the need for traditional banks.
According to the audio of the meeting which was shared with The Verge, “When I say payments, I actually mean someone’s entire financial life,” Musk said. “If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account.”
Elon Musk Set Out to Reposition X
Furthermore, the Tesla boss referred to his creation of the PayPal platform. It is worth noting that Musk was part of the team that co-founded X.com, a platform that was first conceived as a comprehensive financial solution. In the long run, it was acquired by PayPal.
With the X app, Elon Musk is dotting all the ‘i’ and crossing the ‘t’ as he gets busy with strategizing premium offerings and feature development. Ultimately, the X team is focused on positioning X as a versatile, all-round platform for users beyond the concept of revenue generation. Already, Musk is seeing competitors in platforms like YouTube, LinkedIn, and Cision PR Newswire.
Potential Competitors For New X Offering
To this effect, Elon Musk and his appointed Chief Executive Officer (CEO) Linda Yaccarino outlined a potential strategy to launch a news wire service dubbed XWire. This XWire platform will be a direct competition for Cision.
The X app already has a primary reputation as a platform for news development and discussions. Hence, competing with the likes of YouTube, LinkedIn, and Cision may likely be a walk in the park.