This was reported by The Verge, according to a report from Ukrinform.

Musk is said to have told this to X employees during a general call, stating that people would be surprised “how powerful he is.”

“When I talk about payments, I actually mean a person’s entire financial life. It will be on our platform. Whether it’s money, securities or whatever. I’ll be surprised if we don’t launch this by the end of next year,” he said. He notes that users will not need a bank account to use it.

X CEO Linda Jaccarino said the features will be available by the end of 2024.

The company is currently trying to obtain money transfer licenses across the United States so it can offer financial services. Musk said he hopes to obtain the other necessary X licenses in the “next few months.”

Musk has previously discussed plans to turn X into a financial hub. He even renamed Twitter after X.com, which later became part of PayPal. Musk has previously said the X/Twitter platform will allow users to “send money instantly and in real time anywhere in the world” by offering high-yield money market accounts, debit cards, checking and lending services.

“The X/PayPal product roadmap was actually written by myself and David Sachs in July 2000. And for some reason PayPal not only didn’t implement the list, but actually rolled back a number of key features. So PayPal is actually a less perfect product,” Musk said. “It is a much better product than the one we introduced in July 2000,” he said.

X’s evolution into a hub for financial services ties into Musk’s goal of turning the platform into “an app for everything,” similar to apps like WeChat in China that offer access to shopping, transportation and more.

As reported by Ukrinform, social network X (formerly Twitter) has added voice and video calling functionality, but currently the service is only available to some users.

Photo: Britta Pedersen-Pool/Getty Images