Elon Musk has ambitious plans to transform Twitter into the center of users’ financial lives by the end of 2024, handling everything from sending money to managing investments.
During an internal all-hands call, Musk said Twitter will eventually offer features for banking, trading securities, loans, and more. His vision is for Twitter to make traditional bank accounts unnecessary.
This aims to beat PayPal using the original 2000 roadmap Musk co-created before it became part of eBay. He believes PayPal has since rolled back key features he initially envisioned.
To achieve this, Twitter is working on securing money transmitter licenses across the US in the coming months. However, major challenges exist in convincing users to trust Twitter as a financial hub and prefer it over existing banks.
Turning Twitter into a “super app” with financial services suits Musk’s goal of making it an all-encompassing platform. But with 2024 as the timeline, he faces an uphill battle to rival established digital payment and banking providers.
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