$XRP Elon Musk’s Plan for X

Elon Musk, CEO of Tesla and Spacex and owner of social media platform X (formerly Twitter), revealed to X employees in an all-hands call on Thursday that he is transforming X into a financial hub for users, The Verge reported, citing an audio recording of the meeting it had obtained.

Noting that he expects financial and payment features to launch on X by the end of 2024, Musk claimed that people will be surprised with “just how powerful it is.” The billionaire described:

When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.

The social media company is currently in the process of securing money transmission licenses across the U.S. in order to offer financial services to users. Musk said during the Thursday meeting that he hopes to obtain the additional licenses X requires within “the next few months.”