At an all-hands meeting on Thursday, Elon Musk told employees he wants the social media platform, formerly known as Twitter, to handle “someone’s entire financial life” including payments and banking, according to audio obtained by The Verge. Musk added that he hopes to finish securing money transmission licences across the U.S. in “the next few months” so the company can begin offering financial services. (The Verge)
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At an all-hands meeting on Thursday, Elon Musk told employees he wants the social media platform, formerly known as Twitter, to handle “someone’s entire financial life” including payments and banking, according to audio obtained by The Verge. Musk added that he hopes to finish securing money transmission licences across the U.S. in “the next few months” so the company can begin offering financial services. (The Verge)
Talking point: It’s been one year since Musk acquired Twitter. Since then, he’s laid off over 6,000 employees, renamed the platform and removed its bird branding and made users pay for verification, among other changes. Adding financial services to the platform is part of Musk’s greater plan to move X beyond 140-character tweets and create an “everything app.” He and CEO Linda Yaccarino said in Thursday’s meeting that they’re pursuing new lines of business in video and hiring, and expect YouTube and LinkedIn to become future competitors, Bloomberg reported. The duo also wants to launch a news wire service called XWire, which would rival Cision’s PR Newswire.
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