X is changing from a social network to a PayPal-like bank

Elon Musk goes about his work as if he owns the world, which he probably does a little bit. Now he wants to transform X, formerly Twitter, into a fully digital banking institution.

He recently announced that he wants his platform to act like PayPal as a hub for financial operations, replacing traditional banks by the end of 2024.

In short, this can be called financial technology, which Musk himself said is very efficient and capable of covering the entire financial life of people.

“If it’s money. It’s going to be on our platform. Money, securities or whatever. So it’s not just sending $20 to my friend. I’m talking about not needing a bank account,” Elon Musk said.

Since the arrival of Elon Musk on this social network, it is no secret that it has been on the decline, losing users, advertising brands and people’s sympathy due to the always controversial statements of this billionaire.

Therefore, turning it into a financial institution is another way to try to save it and ensure that it remains viable.

X CEO Linda Yaccarino said she believes economic development will provide an opportunity for the social network in 2024.

X also recently lost a number of customers, brands and international companies that abandoned the social network after Musk made anti-Semitic comments on his private account.

– Read also: In the video… Elon Musk is angry and insults advertisers with obscene words

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