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Elon Musk Outlines Plans to Turn Twitter/X into Comprehensive Financial Hub by End of 2024

Musk aims to launch by end of 2024 a system enabling all financial transactions on platform, already securing money transmitter licenses in several U.S. states despite widespread skepticism and user decline.

Elon Musk plans for Twitter/X to function as a comprehensive financial hub. In his vision, all financial transactions will take place on the platform, eliminating the need for separate bank accounts. Musk anticipates this feature to be operational by the end of 2024.
The company has already secured money transmitter licenses in Michigan, Missouri, and New Hampshire, with applications currently processing in several other U.S. states. These licenses, required to facilitate the receipt and transfer of funds, are a crucial step in realizing Musk's vision.
Twitter/X could potentially face significant competition from existing entities like PayPal and Venmo, and securing a sufficient workforce to sustain the platform's development on Musk's ambitious timeline is a key challenge.
Despite skepticism expressed by both former employees and external observers, Musk remains optimistic about the platform's future, insisting that the development and implementation of this financial platform will be feasible within the next year.
In addition to becoming a financial hub, Musk and CEO Linda Yaccarino also plan to target other lines of business, seeing YouTube and LinkedIn as potential competitors. They have also indicated ambitions to create a news wire service called XWire.

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