Elon Musk, who has said he’s stepping away from his unofficial role in the Trump administration to focus on his companies Tesla, X and SpaceX, has long been looking to add finance to the industries he’s disrupted.
Musk, the Tesla billionaire whose takeover and rebrand of Twitter to X has upended the digital landscape, isn’t the only Silicon Valley billionaire looking to muscle in on Wall Street.
Now, as the U.S. dollar faces annihilation, Musk has quietly confirmed via an X repost that the hotly-anticipated X Money is “happening soon.”
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Tesla billionaire Elon Musk has become a close advisor to U.S. president Donald Trump alongside … More running his companies that include the X social network formerly known as Twitter.
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“X to launch X Money,” an Elon Musk and Tesla fan account posted to the platform alongside other Tesla and SpaceX milestones expected this year, which was then reposted by Musk.
The repost was picked up by the widely-followed Tesla Owners Silicon Valley account which added: “Payments. Banking. The everything app just got even bigger.”
“This will be a very limited access beta at first,” Musk replied to the Tesla owners fan account. “When people’s saving are involved, extreme care must be taken.”
Since Musk bought Twitter and rebranded it X he has been acquiring money transmitter licences in states across the country as part of a grand plan to grow X into an “everything app” similar to China’s WeChat.
Musk, who has led his Doge department of government efficiency on a rampage through the Federal government, in February said he wants to put the U.S. Treasury on a blockchain, the technology that underpins bitcoin and other cryptocurrencies.
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The bitcoin price has surged this year, helped by expectations Tesla billionaire Elon Musk could be … More poised to bring his social media platform X into bitcoin and crypto.
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Earlier this year, X chief executive Linda Yaccarino announced payments will be coming to the social media platform in 2025, sparking wild speculation that the platform could use or support bitcoin, crypto or dollar-pegged stablecoins that use crypto technology to speed up and reduce the cost of transactions.
“X Money is making strategic moves to position itself in the payments space,” Joanne Kumire, lead banking and payments analyst at GlobalData, said in emailed comments.
“Acquiring money transmitter licenses, leveraging Visa’s support, and tapping into X’s existing user base create a strong foundation However, the challenge lies in turning potential into action. To succeed, X will need to address trust concerns, offer compelling reasons for users to switch, and deliver a seamless, innovative payment experience.”