(June 26): Elon Musk is expanding access to digital payment venture X Money to a subset of premium users on social network X, part of his bid to turn the platform into an “everything app.”
The company on Thursday released the banking tool built inside X to more US users, according to a post by Dhruv Batura, who now leads X Money.
X, formerly Twitter, will “collect feedback and iron out issues ahead of a broader launch,” he wrote. Batura worked at Tesla Inc for more than a decade before joining X in 2023.
The release comes shortly after X’s parent company, SpaceX, went public earlier this month. Musk has made artificial intelligence central to SpaceX’s future and has talked about big plans for his companies that have yet to materialise — such as data centres in space.
X Money is another idea that has been in Musk’s pipeline for years, as he’s always seen payments as crucial to creating a so-called super app. Musk first rose to prominence in Silicon Valley by co-founding PayPal Holdings Inc.
Musk expects users will eventually rely on X Money to send payments to peers and businesses, and store money in their account like they would at a bank.
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“We want it to be such that, if you want to, you could live your life on the X app,” he told staffers in February.
X Money was expected to make its early public access debut in April, according to Musk’s posts. Some early users tested the platform at the start of the year, touting perks such as 3% cash back on eligible purchases and a 6% interest rate on cash savings, Bloomberg reported.
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