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One year into Elon Musk's ownership of X, the finances of the platform formerly known as Twitter remain shaky. But the ongoing money troubles haven't stopped Musk from forging ahead with his plan to turn X into a bank, a move he said last November would be key to helping the platform avoid bankruptcy. On an earnings call yesterday, Musk told X employees that he predicts X's payments system will launch by the end of 2024, The Verge reported.
“It would blow my mind if we don’t have that rolled out by the end of next year,” Musk said, confirming that “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.”
In January, Musk took his first steps toward this ambitious goal by registering Twitter Payments LLC with the US Treasury Department’s Financial Crimes Enforcement Network. This was a necessary step for Twitter to start transmitting money between users in all states and US territories, and according to The Verge, Musk confirmed that he expects to get the rest of the money-transmitting licenses "in the next few months."
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