Elon Musk's X becomes a bank

Three years after acquiring Twitter, Elon Musk says he is approaching his long-stated goal to turn the platform into an “app for everything” with a new financial services tool that it has pledged to launch to the public this month (!).

Early adopters are touting its competitive advantages, such as 3% cash back on eligible purchases and a 6% interest rate on cash savings — the latter of which is about 15 times the national average. Musk’s new product is also expected to offer free peer-to-peer money transfers, a metal Visa debit card personalized with X’s username, and an artificial intelligence service from Musk’s startup xAI that will track spending and categorize past transactions, according to early access user reports.

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Musk, who first emerged in Silicon Valley as a co-founder of PayPal Holdings Inc, sees payments as crucial to creating a so-called super app similar to the social products that are flourishing in China. WeChat, for example, allows users to make transfers, book flights and even pay off their credit cards.

If it works, X Money will sit at the crossroads of social media and finance in a way that no American product has attempted on this scale… Content creators who currently receive payments from X will switch from Stripe to X Money as their payment platform, according to early adopters – a move that guarantees an initial base of active accounts.

Some have already tried X Money to send payments to each other through the app's chat feature or directly through their profiles, according to early participants in the new platform...

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