Elon Musk’s social media platform X, owned by Elon Musk, aims to position itself as a central financial hub and encourage its customers to use X as a financial solution center instead of traditional bank accounts for various financial needs. According to global news sources, Elon Musk aims to implement new features by the end of 2024, as announced during the opening meeting on October 26.
Elon Musk’s New PayPal Strategy
Elon Musk’s social media platform X is on its way to becoming a comprehensive financial platform that covers all aspects of users’ financial lives, from money and securities to traditional bank accounts. According to prominent news reports, Elon Musk referred to a new PayPal platform during a meeting with the X team.
Musk, the co-founder of X Com, originally designed as a comprehensive financial platform and later acquired by PayPal, known for its payment application. Elon Musk takes an applied approach by overseeing the development of all features and creating a premium offering strategy for the brand. Another notable feature of Elon Musk is his interest in the cryptocurrency market. Therefore, the entire cryptocurrency market, especially Dogecoin, may be positively affected in a future financial platform project.
What Path Will X Follow?
The focus is not only on generating revenue but also on offering X as a versatile platform for users. According to another report, Musk sees applications such as YouTube, LinkedIn, and Cision PR Newswire as potential competitors to X.
Musk and X’s CEO, Linda Yaccarino, announced their strategy to introduce a news service called XWire, which they position as a potential competitor to Cision PR Newswire. X is recognized as a primary platform for news development and discussions. The services X will offer and the features of the platform remain uncertain in this competitive race against YouTube, LinkedIn, and PR Newswire.
In a recent blog post, Linda Yaccarino shared the progress and developments of the platform over the past year. The famous figure mentioned community notes, voice and video calls, and upcoming products such as a $1 account verification process. Additionally, on October 27, Elon Musk announced that he is considering live streaming company meetings on X.
