Elon Musk, the renowned entrepreneur and CEO of SpaceX and Tesla, is making headlines once again with the announcement of X Money, a new financial service set to launch on his social media platform, X, in the first quarter of 2025.
This move marks a return to Musk’s roots, as he initially made his fortune through X.com, an online bank that later evolved into PayPal. The proceeds from the sale of PayPal provided Musk with the capital to pursue his ventures in space exploration and electric vehicles.
The announcement of X Money was made by X CEO Linda Yaccarino, who revealed that X has secured a partnership with Visa, the largest credit card network in the United States. Through Visa Direct, X Money will offer users secure and instant funding to their “X Wallets” and enable peer-to-peer payments similar to Venmo. Additionally, users will have the option to transfer funds to their bank accounts instantly.
Yaccarino emphasized that the collaboration with Visa is just the beginning, hinting at more significant announcements regarding X Money throughout the year. This strategic move aligns with Musk’s vision to transform X into an “everything app,” where users can conduct their entire financial activities within the platform.
According to sources cited by CNBC, X Money is expected to cater to creators on the X platform, allowing them to accept payments and manage their funds without relying on external banking services. This development underscores Musk’s ambition to create a comprehensive financial ecosystem within X, akin to China’s WeChat super app.
The partnership with Visa signifies a pivotal step for X in establishing its presence in the financial services industry. With more collaborations and features in the pipeline, X Money is poised to revolutionize the way users interact with money on social media platforms.
As the launch of X Money draws closer, the tech community eagerly anticipates the innovative solutions and opportunities that Elon Musk and his team at X will bring to the financial technology landscape. Stay tuned for more updates on this groundbreaking development from X.