29.01.2025 15:02
World-renowned entrepreneur Elon Musk is planning to enter a new sector. The owner of the space company SpaceX, the social media giant X, and the electric vehicle company Tesla, Musk has decided to also operate in the banking sector.
After acquiring Twitter, Elon Musk enriched the platform and brought a financial atmosphere with X Money. In a recent statement, Musk expressed his intention to establish a system that provides financial management without the need for bank accounts, saying, "When I talk about payments, I mean a person's entire financial life." X Money will offer users the ability to send money, make payments, and manage financial transactions all from a single platform.
WECHAT MODEL AS A SOURCE OF INSPIRATION
Musk's move with X Money is believed to be inspired by China's leading super app, WeChat. WeChat simplifies the lives of millions of users by offering various services such as messaging, payment systems, shopping, and food ordering all on one platform. Musk aims to establish a system that allows users to manage their financial transactions with a similar strategy, reducing dependence on banks.
COMPETITORS OF X MONEY
X Money aims to compete with major financial service platforms like Chase, CashApp, and Venmo. Musk's main goal is to elevate X beyond social media and make it a significant player in the financial world.