Will X Become the Next Big Bank? Elon Musk's Ambitious Fintech Venture

X: The Next Big Bank? Elon Musk's Ambitious Plan Explored The tech world is buzzing with speculation about Elon Musk's plans to transform X (formerly Twitter) into a full-fledged banking app. A recent Bloomberg Business podcast delves into this ambitious project, featuring panelists Max Chafkin and Kurt Wagner. The podcast explores the potential integration of financial services into the X platform, raising intriguing questions about its future. "The idea that Elon Musk has talked about for years that he's going to turn X, Twitter, into a bank," notes Kurt Wagner, highlighting the long-standing speculation surrounding this development. The panelists discuss the potential for X to offer services similar to Venmo, facilitating peer-to-peer payments directly within the app. Furthermore, the podcast touches upon the possibility of high-interest savings accounts within X, creating an incentive for users to store their funds on the platform. This raises questions about user adoption and the challenges of competing with established financial institutions. Max Chafkin expresses skepticism, stating, "Dude, I don't trust X with my jokes, let alone my life savings." This highlights the potential concerns and hurdles X might face in gaining the trust of users. The discussion underscores the transformative potential of integrating financial services into social media platforms, but also acknowledges the significant challenges and uncertainties involved. Whether X can successfully navigate these challenges remains to be seen, but the ambition alone is noteworthy in the rapidly evolving world of fintech.