Elon Musk revealed plans for social media platform X, formerly Twitter, to begin rolling out financial features in late 2024.

During Twitter’s transition to X, since the company’s name change, the South African billionaire outlined his financial ambitions for the platform, which aims to replace consumers’ traditional bank accounts.

Musk said he wants “someone’s entire financial life” to be on the platform, according to an audio recording of the Oct. 26 meeting he obtained The Verge.

»If it’s about money. It will be on our platform. Money or securities or whatever,” he would say. ‘So it’s not just sending $20 to a friend. I’m talking about you not needing a bank account.’

CEO Linda Yaccarino, who took over from Musk in June, said the company sees this becoming a “full-blown opportunity” next year, The Verge reported. “I would be surprised if we don’t implement it by the end of next year,” Musk said at the meeting.

Allegedly, X is working on obtaining money transmitter licenses in all US states. in order to be able to offer financial services. So far, the company has received licenses in nine states, including most recently Iowa and Mississippi, according to Business Insider.

Musk has previously mentioned his desire to turn X into a financial hub, even renaming Twitter in honor of his online bank from PayPal’s dot-com boom era. Last year, he told employees that the platform would offer high-yield money market accounts, debit cards, waiting services and lending, according to The Verge.

Longing for PayPal

He said the goal is to allow users to “send money anywhere in the world instantly and in real time.” Instead of the “complex and expensive” systems of traditional banks, he said users will have a “Twitter balance that can simply be positive or negative.” For places that don’t accept payments through Twitter (now X), Musk said consumers will get a debit card linked to their balance and even traditional checks if they want them. It’s familiar territory for Musk, who co-founded PayPal and was openly disappointed with eBay’s handling of the company when he bought it in 2002. The companies eventually split in 2015.

Speaking in a recent internal communication, Musk recalled that “the X/PayPal product roadmap was written by David Sacks and myself in July 2000.” “For some reason PayPal, after becoming eBay, not only didn’t implement the rest of the list, they actually rolled back a bunch of key features, which is crazy. So PayPal is actually a less complete product than the one we came up with in July 2000, which is 23 years ago.”

Turning WeChat.

WeChat is a one-stop shop for instant messaging, social networking, shopping and mobile payments. During another communication on October 26, Musk also expressed his desire to turn X into a “full-fledged” dating site.

Posts edited by the community will not receive revenue

That same Monday, Elon Musk stated that community-edited posts cannot benefit from the revenue generated by the most viral content.

“Small change to the monetization program: posts corrected by community notes will not be eligible for revenue sharing. The idea is to increase the incentive for accuracy, not sensationalism,” he said in a message Sunday night.

At the end of April, Musk made paid subscriptions available to users, with special content. And a few months later, the platform authorized Internet users to comment on or clarify suspicious messages through “community notes.”