Elon Musk says “X would become half of the global financial system, if done right”

Elon Musk’s resilience and intense work ethic have turned Tesla into a multi-billion-dollar powerhouse and the largest electric car company in the world. Despite initial skepticism and naysayers who predicted failure, Musk’s relentless determination has led Tesla to become the epitome of success.

The story is no different today after Musk rebranded Twitter to ‘X’ on Monday, replacing the iconic bird logo to reflect his vision of an “everything app.” It didn’t take too long before critics came out of the woodwork to say that “Twitter’s rebrand to X is destined to fail.” But if history Musk’s success is any guide, those who bet against him before have come to regret it.

However, what many of Musk’s distractors didn’t understand is that Musk has a bigger dream. In April, Twitter announced that it would let users trade stocks and crypto as Musk pushes ‘Everything App’ to become the next WeChat, a multi-purpose messaging, social media, and mobile payment app developed by Tencent, widely used by more than 1.2 billion monthly active Chinese users.

The recent rebrand is part of Musk’s vision to transform the platform into what he refers to as an “everything app.” The change is set to reshape the platform and potentially expand its functionality beyond its traditional social media roots. Below is a video of Elon Musk at The World Government Summit 2023 explaining why he bought Twitter, his long-term vision, and how Twitter would serve as an accelerant for  ‘X,’ ‘The Everything App.”

https://twitter.com/i/status/1683483092772704256

Over the weekend, Twitter CEO Linda Yaccarino also shed some light on the future  X.  In a post on Sunday, Yaccarino wrote that X will be “centered in audio, video, messaging, payments/banking.” She added that the platform will also be powered by XAI, a new artificial intelligence startup launched last week with the goal of “understanding the true nature of the universe.”

“X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities. Powered by AI, X will connect us all in ways we’re just beginning to imagine,” Yaccarino said.

During a recent interview, Musk also dropped a hint about the potential of the new X platform, suggesting that it might incorporate global payment systems and enable users to send and receive money seamlessly through Twitter’s X, further opening up exciting possibilities for financial transactions on the social media platform.

In an optimistic outlook for X, Musk expressed his bullish stance, predicting that the payment integration could potentially make up half of the global financial system. However, he also emphasized the need for careful execution and proper planning for this vision to become a reality.

“X would become half of the global financial system,” Musk said adding, “if done right” without revealing further details about the payment systems.

Below is a video clip of the interview.

Elon Musk says if done right, X would become half of the global financial system. pic.twitter.com/HoslcIxRiP

— Watcher.Guru (@WatcherGuru) July 24, 2023

Musk acquired Twitter last year for $44 billion.