Elon Musk Expresses Opposition to People Having Bank Accounts, Asserts X Will Fulfill All Financial Requirements


Elon Musk and Linda Yaccarino Hosted Their Inaugural All-Hands Meeting at X in a Recent Event. Musk Envisioned a Future Where All Financial Transactions Will Be Conducted Through X

Elon Musk has harbored a long-standing vision of creating an “everything app” for people. The owner of X has frequently articulated his vision for the platform he acquired a year ago, emphasizing his desire to enable people to do more than just share their thoughts with the world on X. Recently, for the first time, Musk convened an all-hands meeting at Twitter, now rebranded as X, where he was joined by X CEO Linda Yaccarino. During this gathering, several significant announcements were made.

According to a report by The Verge, Musk envisions X as the primary platform for all things related to finances, envisioning a future where X users won’t even require a traditional bank account. He believes that his application will cater to all their financial needs. The plan is to implement these features by the end of the next year.

Musk explained in an audio recording of the meeting, “When I say payments, I actually mean someone’s entire financial life. If it involves money, it’ll be on our platform, whether it’s money, securities, or anything else. So, it’s not just about sending $20 to a friend; I’m talking about a scenario where you won’t need a bank account.” CEO Linda Yaccarino concurred, stating that this will become a comprehensive solution in 2024.

Additionally, Musk discussed the history of PayPal during the meeting, highlighting that it fell short of his and David Sacks’ original vision for a more complete product in 2000.

In another development, Musk confirmed that X will introduce a subscription model for new users, presently applicable in only two countries and limited to those creating web accounts. This subscription model, named “Not A Bot,” aims to reduce bot activity, spam, and platform manipulation.

It’s worth noting that users who opt not to pay the subscription fee can still create an account but will have limited functionality, limited to “read-only actions” such as browsing posts, watching videos, and following accounts, without the ability to post their own content or interact with posts. Musk clarified in a tweet, “Read for free, but it’s $1/year to write. This is the only way to combat bots without obstructing genuine users. While it won’t eliminate bots entirely, it will make it 1000 times more challenging to manipulate the platform.

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