Elon Musk aims to turn X into global financial powerhouse
Elon Musk redefines social media
Elon Musk, the American entrepreneur and the world’s richest person, has once again outlined ambitious goals for his social media platform X, formerly known as Twitter.
Musk believes that X should become more than just a communication tool—it should evolve into a full-fledged financial ecosystem encompassing payments, banking services, and real-time transactions, according to Cryptopolitan.
He explained that the company is working on building a system capable of competing with the world’s largest financial institutions. Musk aims to develop the most efficient financial database, featuring high-speed processing and minimal fraud.
Loading...
Competitor attempts and implementation challenges
This concept is reminiscent of China’s WeChat—a platform where users can chat, pay bills, transfer money, and shop. Musk not only wants to replicate this success but surpass it. However, bringing this vision to life won’t be easy. Major tech companies have already attempted similar ventures without success. Facebook’s Libra project was shut down due to regulatory pressure. Google, Amazon, and Microsoft also abandoned their financial initiatives. Even Apple, which launched the Apple Card in partnership with Goldman Sachs, has faced challenges, with the bank now reportedly looking to exit the partnership due to low profitability.
Legal pressure and regulatory issues
Despite setbacks faced by others, Musk remains determined. However, he continues to face legal challenges. The U.S. Securities and Exchange Commission (SEC) recently filed a lawsuit against him, accusing him of failing to disclose his Twitter stock purchases in a timely manner during the 2022 acquisition. If found guilty, Musk could face serious fines. He has until April 4 to respond to the complaint or seek dismissal.
Financial performance and investor confidence
Meanwhile, X is showing signs of financial growth. The platform recently secured nearly $1 billion in new funding, raising its valuation to $32 billion—significantly higher than Fidelity’s $10 billion estimate in 2023.
Despite declining ad revenue and user loss, X generated $1.2 billion in adjusted earnings in 2024. Musk also contributed his own funds to the capital raise, reaffirming his commitment to the platform’s future.
Amid political influence and regulatory scrutiny, Musk continues to push forward with his vision of transforming X into a global financial hub. Whether it succeeds remains uncertain, but one thing is clear—Musk is betting heavily on the future of digital finance.
However, despite his ambitious plans for X, Musk’s overall net worth continues to decline amid falling Tesla stock.
