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More than three years after acquiring Twitter and renaming it X, Elon Musk has announced that he is advancing the goal of transforming X into an 'everything app' by planning to launch a built-in financial services tool, 'X Money,' this month. The platform will offer banking and payment services, including 3% cashback on purchases, a 6% annualized yield on cash savings (approximately 15 times the national average), free P2P transfers, Visa metal debit cards engraved with the user's signature, and an AI assistant developed by xAI to track spending and organize transaction records. Currently, X holds licenses in only 44 states, and operations may not be possible in states where it has not yet obtained a license. It also continues to face regulatory scrutiny and potential delays.
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