Elon Musk says beta testing for X Money has begun, noting limited rollout due to the need for “extreme care” with users’ savings.
Elon Musk announced in an X post on May 25 that beta testing for X Money, the banking and payment software he had predicted in 2022 after acquiring Twitter, has begun.
Elon Musk has announced that X is “launching X Money soon,” according to a May 25 post on X by Tesla Owners Silicon Valley, a fan X account dedicated to Musk and Tesla.
After confirming the story, the wealthy businessman went on the X forum and wrote that the test would first be a “minimal access beta.”
He remarked, “Extreme caution must be exercised when people’s lives are at stake.”
X Money Anticipates 2025 Launch
According to X Money’s X account, Elon Musk’s confirmation coincides with the platform’s anticipated launch this year.
Following several rumors indicating the platform would launch this year due to purported software code leaks in January, Musk silently confirmed the X-Money trials.
https://www.csbs.org/nationwide-multistate-licensing-system-nmlsAccording to the Nationwide Multi-State Licensing System, X has aggressively sought several transmitter licenses for X Money around the United States. As of the time of writing, it had obtained 41 of them.
Plans For X Money Go Back To 2022
Musk’s plans to incorporate payments into X were first made public in October 2022, when he described his $44 billion acquisition of Twitter as “an accelerant to creating X, the everything app.”
When Twitter changed its name to X in 2023, CEO Linda Yaccarino revealed that the social media platform would have “unlimited interactivity,” compatibility for various media formats, and banking and payment capabilities.
Many people then conjectured that the platform would handle cryptocurrencies, such as Bitcoin, worth $110.348.
According to reports, the payment platform was scheduled to start in the middle of 2024.
After US President Donald Trump took office in January and appointed Musk as the head of the Department of Government Efficiency’s Workforce Optimization Initiative (DOGE), the platform reportedly gained additional traction.
US officials, including US Democratic Senator Elizabeth Warren, reacted negatively to Musk’s intentions for X’s payment network in February. Musk was heavily involved in administration through DOGE.
Musk has lost much money on X.
About Musk’s attempts to demolish her organization, the Consumer Financial Protection Bureau, Warren stated, “He has this idea of X becoming a big money platform where he would get everyone’s financial data.”
