Last year, X announced a partnership with Visa that aimed to create some kind of personal finance ecosystem within the X app. Last month, Musk was quick to claim that this payments and banking platform within
As I write this, it is April 26.
As Bloomberg reported on Sunday, that timeline theoretically means some kind of X-based personal finance function is going to be released in just a few days.
It’s certainly your choice to believe Elon Musk or not on the release timeline, but Bloomberg says people are testing the service, and adds that it has “competitive features,” like 3% cashback on certain transactions, and apparently a savings account option that offers 6% interest, which Bloomberg says is 15 times higher than the average savings account interest rate in the US.
Other details about the service apparently include an
In some circles, “X, the Everything App” has become a sarcastic way of referring to the social ecosystem within Elon Musk’s app, usually when some nefarious trend originates there. But it’s easy to forget that this actually comes from something Musk tweeted in July of 2023 (the year he bought Twitter).
“Twitter was acquired by X Corp to ensure freedom of expression and as an accelerator for the X, Everything app,” Musk wrote. He added, “In the coming months, we will add broader communications and the ability to navigate your entire financial world.”
In the same post he also said that we must “say goodbye to the bird”, and that it is meaningful that a promise was kept.
Bloomberg says such a financial app would have to be authorized in all 50 states, which is reportedly slowing things down for X Money.
Massachusetts Senator Elizabeth Warren sent a letter to Musk earlier this month asking a long list of questions about Ax’s plans related to consumer protection within the Ax Money feature. The letter hints at the possibility of future regulatory scrutiny, especially under a less Musk-friendly presidential administration.
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