Elon Musk sets ambitious goal for X to replace banks by the end of 2024

Musk imagines X as a comprehensive financial hub for users' money-related needs.

Elon Musk is pushing for X to become the central platform handling people's entire financial lives, with a goal to replace traditional banks. During an all-hands call with X employees, Musk outlined his vision of X being the go-to platform for anything related to money by the end of 2024.

This expansion into financial services includes not only basic payments, but also securities and other financial transactions, making traditional bank accounts unnecessary.

Musk is actively working on securing money transmission licenses across the United States, a crucial step to enable X to offer a comprehensive suite of financial services. He expressed hope in obtaining the necessary licenses in the coming months.