Elon Musk continues to make unexpected decisions on Twitter. The CEO, who managed to create controversy with his statements, set ambitious goals to make the social media platform the “center of people’s financial lives”. The new memo sent to employees contains interesting details.
Elon Musk: You won’t need a bank account with Twitter
At the meeting held on X (or Twitter), Elon Musk announced to employees that he had set some financial goals by the end of 2024. Accordingly, services such as money transfers, checking and savings accounts, debit cards and loans will be offered through the platform.
It was stated that Musk wants to make Twitter a one-stop shop for everything money-related. In the leaked audio recording of the meeting, Musk said, “When I say payments, I actually mean someone’s entire financial life. “This won’t be about sending someone $20, it will be about things like not needing a bank account,” he said.
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X CEO stated that he has a plan that will disrupt the financial industry if successful. This will make the platform more of an “everything app” rather than a simple social media. However, it is technically and legally difficult to implement such comprehensive changes in less than two years.
Musk asks states to allow financial services money transfer licenses He said he was trying to get it. He stated that X.com, the online bank he founded in the 2000s, would serve as a guide for Twitter.
While the news about Musk’s financial goals for Twitter has created a great impact, many users are skeptical about it. Combining financial services with a social media platform is already creating security issues.
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