Your ‘entire financial life’ on X? Musk wants to start by the end of next year

ELON MUSK WANTS X TO HANDLE YOUR “ENTIRE FINANCIAL LIFE” AND IT COULD BE POSSIBLE AS EARLY AS NEXT YEAR.

ACCORDING TO THE VERGE, MUSK SAID THIS TO EMPLOYEES DURING AN ALL-HANDS CALL ON THURSDAY–THE FIRST TIME HE’S ADDRESSED EMPLOYEES WITH CEO LINDA YACCARINO.

HE REPORTEDLY SAID “IT’S NOT JUST LIKE SEND $20 TO MY FRIEND. I’M TALKING ABOUT, LIKE, YOU WON’T NEED A BANK ACCOUNT.”

OF COURSE, THIS ISN’T THE FIRST TIME THE PAYPAL CO-FOUNDER HAS MENTIONED HIS PLANS TO AN ONLINE BANK–AND MORE. IN HIS FIRST MEETING WITH STAFF AFTER HE ASSUMED LEADERSHIP OF WHAT WAS THEN TWITTER, HE REPORTEDLY DISCUSSED OFFERING A NUMBER OF SERVICES IN ORDER TO BECOME “THE PEOPLE’S FINANCIAL INSTITUTION.”

IT SEEMS THIS IS THE NEXT STEP IN MUSK’S PLAN TO TURN X INTO A SUPER-APP, LIKE WECHAT IN CHINA–REMINISCENT OF HIS ORIGINAL PLANS FOR PAYPAL.

THE PLANS AT X MAKE UP JUST ONE EXAMPLE OF BIG TECH MOVING INTO FINANCIAL SERVICES.

APPLE AND ALPHABET HAVE THEIR MOBILE WALLETS. IN APRIL, APPLE ANNOUNCED A HIGH-YIELD SAVINGS ACCOUNT WAS AVAILABLE FROM GOLDMAN SACHS. AMAZON PROVIDES FINANCING FOR SMALL AND MEDIUM-SIZED BUSINESSES.