Elon Musk's X was supposed to be a bank, dating app and more by now: Report

Elon Musk had said in an internal X meeting last year that it “would blow my mind” if X could also handle “someone’s entire financial life” by the end of 2024

Published on: Nov 4, 2024, 08:04:34 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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Elon Musk's X (Formerly Twitter) was supposed to have been a bank by now, according to a report by The Verge.

The point of X supposed to have become a bank was a part of his two-part goals when he bought the social media platform in 2022, which included a goal to turn it into a “digital town square” and a goal to make it the “everything app,” according to the report which added that both of this hasn't happened yet.

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Musk had said in an internal X meeting last year around this time that it “would blow my mind” if X could also handle “someone’s entire financial life” by the end of 2024, the report read.

For this, X is still developing a Venmo-like payments feature, having secured money transmitter licenses for processing payments in 38 US states which includes California.

However, approval is yet to come in other key states like New York.

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How does this connect to the history of X?

This idea in many ways mirrors the original X.com (Now known as PayPal, the online payments service) which Musk co-founded along with Ed Ho, Harris Fricker, and Christopher Payne in 1999.

What used to be Twitter now uses this same domain which Musk bought back in 2022.

What are the other things X was supposed to have been by now?

Apart from a bank, X was also supposed to have been a dating service, an alternative to LinkedIn for recruiting, and a YouTube killer as well, according to the report.

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