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Elon Musk’s X is on a mission to transform finance as the ultimate hub

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Elon Musk envisions X as a one-stop shop for all things financial, from storing money and making investments to handling everyday banking needs.

The goal of X (formerly Twitter), owned by Elon Musk, is to become the primary platform that people use for all their financial needs, replacing the need for traditional bank accounts.

According to The Verge’s report, Musk shared his plan to reshape the platform into a financial center during an all-company meeting on October 26, detailing a timeline to introduce fresh capabilities by the close of 2024.

Musk sees X as a “one-stop shop” for all things financial, essentially eliminating the need for users to have multiple accounts and services with different providers.

During the meeting as reported, Musk made a connection to his role in establishing the PayPal platform. Musk was a co-founder of X.com, initially designed as an all-encompassing financial platform, later acquired by PayPal.

Musk has adopted a proactive role at X, personally supervising the development of every feature and devising plans for premium offerings. The emphasis extends beyond just generating revenue to positioning X as a flexible, all-inclusive platform for its users.

Bloomberg reported Musk’s acknowledgment that online platforms like YouTube, LinkedIn, and Cision PR Newswire are being viewed as potential rivals to X as it evolves into an all-in-one application.

Musk and X CEO Linda Yaccarino presented a plan to launch a news wire service called XWire, positioning it as a potential rival to Cision.

While X has garnered attention as a central platform for news creation and discourse, comprehensive information regarding X’s competitive offerings against YouTube, LinkedIn, and Cision remains undisclosed.

CEO of X, Linda Yaccarino, in a recent post provided an update on the progress made over the past year.

However, she highlighted noteworthy elements, including products like Community Notes, the introduction of Audio and Video Calling, and an upcoming feature allowing $1 payments on the platform.

Additionally, in a post dated October 27, Musk revealed that X is actively investigating the potential for broadcasting real-time discussions within the company.

Read also: Report: Q3 blockchain gaming Unique Active Wallet surpasses Q2

 

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