When Musk took over the reins of the social media giant last year, he revealed his plans to make the platform an everything app, offering users the opportunity to “instantly send money anywhere in the world in real time.”
Elon MuskVisionary Entrepreneur and CEO of Tesla Inc (NASDAQ: TSLA) and SpaceX are leading an unprecedented initiative that aims to revolutionize the way people manage their finances. During an all-hands call with .
Elon Musk says there is no need for bank accounts
according to a verse reportMusk’s ambitious plan covers every aspect of financial management, including payments and securities. The billionaire business mogul revealed that the goal is to make traditional bank accounts obsolete, providing users with a comprehensive suite of financial services.
“When I talk about payments, I really mean one’s entire financial life. If there is money involved, it will be on our platform. Money or securities or anything. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account,” Musk said during an in-house call.
ex ceo Linda Yaccarino The billionaire joined Musk at the meeting, sharing the same optimism as the entrepreneur.
Yaccarino said the envisioned change would become a “full-fledged opportunity in 2024”, to which Musk responded: “It would blow my mind if we didn’t implement it by the end of next year.”
PayPal is a less complete product
During the internal meeting, which lasted more than 45 minutes, Musk also talked about his dot-com-boom-era online bank, X.com, which it eventually became part of. PayPal Holdings Inc (NASDAQ: PYPL).
The billionaire tech mogul said he co-wrote PayPal’s business roadmap with David Sacks in 2000. However, as US-based payment processors have not yet implemented all the required features outlined in the document, it is called an “incomplete product”.
“The Took a set of core features, which is crazy. So PayPal is actually a less complete product than what we came up with 23 years ago in July 2000,” he explained.
It also makes sense to assume that the X platform will support crypto assets as well. Elon Musk is known to be a Dogecoin fan. Therefore, there is every possibility that the X will make headlines by launching it in 2024. Doge And other cryptocurrencies.
X secures money transmitter license in US
When Musk took over the reins of the social media giant last year, Tesla’s billionaire CEO said he planned to make the platform an everything app, giving users the opportunity to “instantly send money anywhere in the world in real time.” will provide. On that note, the company is actively pursuing the acquisition of money transmission licenses in several states in the United States.
Musk also told Requirements will be met.
While the company is currently seeking operating licenses in various US states, the social media giant has received approval from Arizona, Michigan, Missouri, and New Hampshire to provide payment services.
In August, Coinspeaker informed of The company obtained a virtual asset transmitter license in Rhode Island to enable it to provide crypto payment services to users.

Chimamanda is a crypto enthusiast and experienced writer who focuses on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed her interest in emerging economies. She combines her passion for blockchain technology with her love for travel and food, bringing a new and fascinating perspective to her work.
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