After EVs, rockets, and social media, the world's richest man Elon Musk is now eyeing your wallet
Elon Musk
, the world's richest man, is now setting his sights on the world of finance. After shaking up electric vehicles, space travel, and social media, Musk is preparing to launch financial services through his platform X—formerly known as Twitter.
According to reports, Musk plans to introduce investment and trading features on X as part of his vision to transform it into a 'super app' akin to China's WeChat. The goal is to build a comprehensive financial ecosystem that enables users to carry out transactions—shopping, tipping, storing money, and more—without ever leaving the platform.
As part of this plan, X is expected to roll out branded credit and debit cards, potentially as early as this year. The initiative will debut in the U.S., with global expansion to follow.
by Taboola
by Taboola
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Visa has already signed on as the platform's first payments partner. The service, dubbed
X Money
, will include a
digital wallet
and peer-to-peer payment functions. Users will be able to make purchases, store funds, and support content creators, all within the app.
'You will be able to go on X and conduct all your financial transactions on the platform,' X CEO Linda Yaccarino was quoted as saying at the Cannes Lions International Festival of Creativity. She described the effort as the foundation of 'a whole commercial and financial ecosystem that doesn't exist today.'
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However, the road ahead isn't without hurdles. Regulatory scrutiny, particularly around licensing and anti-money laundering compliance, could pose significant challenges to Musk's ambitions.
X is also working to rebuild its advertising business after a mass exodus of advertisers following Musk's acquisition in 2022. Concerns over content moderation and brand safety had driven many advertisers away, with some ads appearing next to controversial content.
Despite lingering doubts from some marketers, Yaccarino claims that 96% of pre-acquisition advertisers have returned. Research firm eMarketer forecasts that X will generate $1.9 billion in ad revenue in 2024 and $2.3 billion in 2025—still far from the $4.1 billion it earned in 2022.
In December 2024, Yaccarino had teased several upcoming features including X TV, X Money, and Grok, an AI chatbot, signaling that 2025 could be a pivotal year in Musk's quest to turn X into a one-stop digital universe.
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