Elon Musk gives his employees one year to turn X into an app capable of replacing banks

Elon Musk has a new and ambitious plan for X, turning the social media platform into an application capable of replacing the financial services offered by traditional banks. The tycoon hopes that his employees can implement the changes within a year.

Since Musk bought Twitter, the famous company has made many changes. However, possibly the most important of all is what the famous investor hopes to do in 2024.

According to a report from The Verge, Elon Musk and the CEO of X, Linda Yaccarino, had an important meeting to ask their employees to turn the social media platform into an application capable of replacing banks.

Musk explained that he hopes X will be able to implement a payment processing mechanism so good that it becomes "someone's entire financial life."

"When I say payments, I actually mean someone's entire financial life. If it involves money, it'll be on our platform. So, it's not just like send $20 to my friend. I'm talking about, like, you won't need a bank account," he said.

Employees have one year to achieve this

Despite how ambitious the project may sound, Elon Musk clarified that it is not a long-term plan. In fact, he hopes that the changes can be ready by 2024. "It would blow my mind if we don't have that rolled out by the end of next year," he said.

X's most recent change

Just a few days ago, Elon Musk reported through his X account that the social media platform now has the option to make audio and video calls.

The tycoon explained that to activate the new function, you only have to go to the configuration part and follow a few simple steps until you find calls and video calls enabled.

Likewise, Musk announced that the launch is only the "early version" of these functions, implying that he plans to improve them.