With X, Elon Musk hopes to transform finance into a central core.

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Elon Musk envisions X as an all-encompassing financial platform, embracing every aspect of users’ financial lives, from money and securities to eliminating the need for traditional bank accounts.

Elon Musk-owned X (formerly Twitter) aims to establish itself as a central financial hub, encouraging individuals to consider it as their primary financial solution rather than traditional bank accounts.

As reported by The Verge, during an all-hands meeting on October 26, Musk articulated his vision for transforming the platform into a financial hub, complete with a roadmap to introduce new features by the end of 2024.

Musk envisions X as a comprehensive financial platform, encompassing all facets of users’ financial lives, from currency and investments to phasing out the necessity for conventional bank accounts. According to reports, Musk harked back to his creation of the PayPal platform during the meeting. Musk was a co-founder of X.com, originally conceived as a holistic financial platform, which was subsequently acquired by PayPal.

Musk is taking a hands-on approach at X, overseeing the development of all features and formulating premium offerings. The emphasis is not solely on revenue generation but also on positioning X as a versatile, all-encompassing platform for users.

As per Bloomberg, Musk unveiled that online platforms such as YouTube, LinkedIn, and Cision PR Newswire are seen as potential rivals to X as it progresses towards becoming an all-in-one application.

Musk and X CEO Linda Yaccarino presented a strategy to introduce a news wire service named XWire, positioning it as a potential competitor to Cision. X has gained recognition as a primary platform for news development and discussions, but more details about X’s competitive services against YouTube, LinkedIn, and Cision are yet to be disclosed.

In a recent blog post, Yaccarino delved into the progress and advancements the platform has made over the past year. She highlighted noteworthy products like Community Notes, Audio and Video Calling, as well as the upcoming addition of a $1 payment feature to the platform.

Furthermore, in an October 27 post, Musk announced that X is exploring the possibility of live-streaming company discussions.