News

October 31, 2023

Elon Musk's Plan to Launch Financial Services on Social Media Platform X: Revolutionizing the Way People Manage Finances

Emily Tremblay
Written byEmily TremblayWriter
Researched byNikos PapadopoulosResearcher

Introduction

Billionaire Elon Musk is reportedly aiming to launch financial services on the social media platform X by the end of next year. Musk expects X's comprehensive financial features to roll out by the end of 2024 and compete with traditional banks.

Elon Musk's Plan to Launch Financial Services on Social Media Platform X: Revolutionizing the Way People Manage Finances

The Vision

In a company-wide meeting, Musk stated that the platform's financial services will encompass someone's entire financial life, including money, securities, and more. The goal is to eliminate the need for a bank account.

Licensing Process

Currently, X is working on obtaining the necessary licenses to operate its financial services in the US.

Dogecoin and Musk's Involvement

Although Dogecoin was not mentioned in the call, Musk's involvement in financial services tends to excite DOGE holders due to his well-known support for the meme asset.

Musk's Previous Denial

Last month, Musk shut down rumors of creating a crypto asset called 'X Coin' for rewarding content creators on the platform.

Dogecoin's Performance

Dogecoin has experienced significant growth this week, reaching a peak of $0.74 on October 26th before retracing to $0.69 at the time of writing.

Conclusion

Elon Musk's plan to launch financial services on social media platform X has generated excitement among investors. With the aim of providing comprehensive financial features and competing with traditional banks, Musk's vision could revolutionize the way people manage their finances.

About the author
Emily Tremblay
Emily Tremblay
About

Emily, a dynamic blend of tech-savvy and casino enthusiast, hails from the snowy landscapes of Canada. With her innate grasp of cultural nuances, she ensures online casino guides resonate deeply with Canadians. Emily's spirited and engaging nature makes her a favourite among peers.

Send mail
More posts by Emily Tremblay
undefined is not available in your country. Please try:

Latest news

Shibarium: Thriving Community, Impressive Growth, and Increased SHIB Burn Rate
2024-02-16

Shibarium: Thriving Community, Impressive Growth, and Increased SHIB Burn Rate

News

Please confirm your location

This website only displays operators licensed in Ontario, Canada. Please confirm whether you are located in Ontario.

YesNo