Musk intensifies his wild ambitions by transforming X, formerly Twitter, to further innovations. Users of the app will soon be able to trade stocks, invest funds and send payments all from one location.
The new digital wallet named X Money is currently being tested on the application. This wallet will enable users to send money to each other and tip creators as well as save funds within the app. Now it’s only available to a handful of users in the US.
“You’ll be able to do your whole money life on X,” said Linda Yaccarini, CEO of X, at an event. Adding on after her statement she expressed: “You can pay someone, or invest or trade—all inside the app,”.
X Is Becoming a "Super App"
Elon Musk has talked for a long time about building a “super app.” In China WeChat already does everything through one application. Musk plans something similar with X where chatting, shopping and now handling finance will be integrated into one platform.
After adding the wallet functionality he hopes to add capabilities enabling people buy and sell stocks too. Following that you could check your feed while trading shares without leaving the app. X also plans on rolling out debit and credit cards, which would allow users to shop directly through their app balance.
Musk Wants Us All to Remain on X For Everything Under a Single App
From this standpoint, Musk and his team believe users will appreciate the singularity. Currently, there are several applications for messaging, making payments or trading. X wants to consolidate all in one place.
“As said in his post early this month—“ You shouldn’t have to leave the app to get stuff done.””
This is exactly why step by step new services are being introduced. Initially it creator tips arrived then payment systems followed subsequently, trading will be integrated soon.
The Problems Remain: Ads Are Coming Back or Something New
A lot of advertisers left Twitter after its acquisition by Musk in 2022 due to concerns surrounding content moderation policies and overall platform changes. But things seem to be getting better. Yaccarino noted that 96% of advertisers have returned and advertising revenue has nearly stabilized.
Some brands don’t fully endorse X yet though. They want more guidelines to be enforced alongside stricter content regulations. Now that money features are expected, mistrust cannot become predominant again.
Handling money is not as careless as tweeting; it comes with both laws and safety regulations
All rules like “KYC” (Know Your Customer) and fraud prevention will apply to X in the U.S and other countries. If they also offer stock trading, the rules get even tougher. X may need to partner with a licensed broker or build one themselves. Musk has not disclosed how he intends to comply with all the regulations, but he claims that he is taking things slow to ensure money security on his platforms.
Other tech giants are in the race too
Musk isn’t the only one out there; some other public figures are building apps focused on financial transactions too. Meta (who owns Facebook and Instagram) is expanding adding new ai and shopping capabilities. Also, Sam Altman who co-founded ChatGPT’s parent company has launched World App. That app lets users hold cryptocurrency and soon enough issue their own VISA.
X might have a bigger audience because of Musk, still people don't seem to trust it for financial transactions right away. Some people remain worried about account bans, misinformation or worse, digital exile.”
“People might share memes on X,” noted tech analyst Priya Mehta. “But will they really trust it with their savings? That’s a large question.”
What’s Next?
At the moment, X Money is under limited testing in the U.S. Only a small number of users have access. If everything goes smoothly, more people will be able to access it by 2025. After that, trading capabilities would come next along with debit or credit cards branded with the X logo.
Musk's vision goes far beyond social media; he imagines an integrated platform for calling, making payments, trading and, possibly banking. It's a mystery whether his plans will succeed, but what stands out is Musk's boundless ambitions – transforming X into the single app for everything in people's daily lives.