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Elon Musk, the CEO of X, is strategically positioning X as your premier financial platform. He envisions achieving this objective by introducing an extensive array of financial services set to launch by the close of 2024. These services will encompass all aspects of your financial needs, ranging from banking to investments and more.
Musk’s overarching aim is to establish a platform capable of supplanting traditional banks. He’s determined to vie with established financial service providers, such as PayPal, which he believes have regressed in recent years.
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Presently, X is actively working towards securing the necessary licenses to offer financial services across the United States (US). Musk is committed to expediting this licensing process in the coming months to propel his visionary project.
It’s worth noting that this isn’t the first time Musk has articulated his vision of transforming X into a financial epicenter. He envisions offering services like high-yield savings accounts, debit cards, checks, and loans, ultimately enabling users to make instantaneous, real-time global money transfers.
Musk’s strategy for X draws inspiration from his vision for X.com, which blazed a trail as an online bank two decades ago. He firmly believes that the roadmap conceived for X in 2000 outpaces what PayPal currently offers.
Musk’s ultimate goal is to metamorphose X into an all-encompassing “everything app” delivering a diverse range of services, akin to popular super apps like China’s WeChat. However, the pivotal challenges lie in gaining user trust and surmounting obstacles on the path to realizing this ambitious vision.
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