Elon Musk’s vision for X as an “everything app” faces some tough hurdles.
While plans to transform X into a payments hub have been delayed by licensing issues, the company is pushing forward with a limited rollout of X Money in 2024.
Here’s the breakdown:
Approved in 38 U.S. states.
Still struggling in New York.
Why the delay?
Criticism around ties to Saudi investors and questions about X’s suitability for financial services have slowed approval in key states like New York.
But Musk isn’t waiting for perfection.
X Money’s plan:
Start small. Roll out regionally. Work on expanding over time.
This approach mirrors Musk’s long-time vision of an “everything app,” inspired by WeChat’s dominance in China. But can X replicate that success?
The challenges:
• Regulatory roadblocks. International expansion seems far off.
• Limited functionality. A partial rollout might hinder adoption.
Still, the idea of integrating fee-free, simple transactions into X holds potential—if executed well.
The big question:
Will X Money become the transformative tool Musk envisions, or will it be another case of ambition outpacing reality?