Elon Musk's X adds banking in 'everything app' push
Elon Musk's X has launched 'X Money,' a banking service for premium subscribers that allows for peer-to-peer payments, bill pay, and high-yield savings. The move is part of Musk's broader strategy to transform X into an 'everything app' similar to China's WeChat.
Why it matters
The integration of banking into a social media platform represents a major shift in fintech and consumer digital behavior, though it faces regulatory scrutiny.
Elon Musk's social media app X on Monday began offering its X Money banking service to all U.S. subscribers of its paid Premium and Premium+ tiers, part of the multi-billionaire's ambition to turn the site into an "everything app."
The rollout widens access to a product that had been available since late June as a test to a limited group of top-tier subscribers.
X Money lets users hold deposits, send peer-to-peer payments, pay bills, transfer money by wire, and mail checks without leaving the X app.
Deposits are held at Cross River Bank, a New Jersey-based lender that is used by several financial-technology apps, and are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.
Musk has said for years that he wants X to resemble China's WeChat.
WeChat, a single app for messaging, shopping and payments, is a pillar of consumer spending in China.
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