Elon Musk continues to make unexpected decisions on Twitter. The CEO, who has managed to create controversy with his statements, has set ambitious goals to make the social media platform the “center of people’s financial lives”. The new memo sent to employees contains interesting details.
Elon Musk: With Twitter, you won’t need a bank account
X (or Twitter), Elon Musk announced that he had set some financial goals for employees until the end of 2024. Accordingly, services such as money transfers, checking and savings accounts, debit cards and loans will be offered through the platform.
It was stated that Musk wants to make Twitter a one-stop shop for everything related to money. In the leaked audio recording of the meeting, Musk said, “When I say payments, I actually mean someone’s entire financial life. This will be things like not sending someone 20 dollars, not needing a bank account.”
The CEO of X said he has a plan that, if successful, will disrupt the financial industry. This would make the platform more of an “everything app” than a simple social media platform. But such sweeping changes are technically and legally difficult to accomplish in less than two years.
Musk said he is working to obtain money transfer licenses from states to allow financial services. He said that X.com, the online bank he founded in the 2000s, would serve as a guide for Twitter.
While the news about Musk’s financial ambitions for Twitter has caused a stir, many users are skeptical. The merging of financial services with the social media platform is already creating security issues.
You can share your views with us in the Comments section below.
{{user}} {{datetime}}
{{text}}