Since billionaire Elon Musk acquired Twitter and renamed it X, the social media giant has embarked on an unprecedented transformation. Now, X is moving beyond its social networking roots and making a significant foray into the fintech sector. According to a report by the Financial Times on June 19, X is intensifying efforts to integrate financial services directly into its ecosystem, planning to launch in-app payment and trading features. This series of initiatives not only indicates that X aims to become a "super app," but also reflects Musk's strategic positioning in the face of the more pressing challenge of the "AI tsunami."
- X's Fintech Ambitions: Building a "Comprehensive Financial Life" Platform
X CEO Linda Yaccarino confirmed X's grand plans in the fintech sector during an interview at the Cannes Lions International Festival of Creativity. She revealed that users will soon be able to conduct various financial transactions directly through X, including everyday payments like buying food and tipping content creators, as well as more advanced investment and digital fund transfer tools.
Yaccarino made it clear that the United States will be the first country to experience "X Money." She explained, "You will be able to come to X and handle your entire financial life on the platform." This includes features like "peer-to-peer payments, storing value, paying creators, and pay-per-view." Additionally, Yaccarino hinted that X might launch its own branded debit or credit card, building a "complete commercial ecosystem and financial ecosystem." This indicates that X's goals extend far beyond simple payment functions, aiming to become a super app that integrates social, content, payment, and investment.
- CEO Yaccarino's Leadership: X's Rapid Transformation and Growth
Since taking over as CEO of X in 2023, Yaccarino has witnessed and driven X's rapid transformation. Under her leadership, X has added features such as AI tools, live video, audio calls, and the upcoming XChat—a revamped messaging system with encrypted communication and disappearing messages. These changes have significantly increased user engagement, leading to an upward trend in usage metrics for X in recent quarters.
Yaccarino's leadership is reflected not only in product innovation but also in her emphasis on external partnerships. She stated, "If we didn't have strong partners, I wouldn't be here spending these busy five days." This seems to respond to external concerns about X's financial issues, as the Financial Times article pointed out that advertisers have been pulling out of Elon Musk's X in droves, yet X is still actively seeking partners to support its ambitious fintech blueprint.
- Musk's "AI Tsunami" Theory: Deep Considerations Behind the Fintech Transformation
As X accelerates its fintech transformation, Elon Musk's views on the future development of artificial intelligence (AI) provide a deeper perspective for understanding its strategic layout. According to the well-known financial blog ZeroHedge, Musk believes that preparing society for the rapid rise of disruptive AI is a more urgent and disruptive challenge than "fixing the government."
Musk likens the rise of AI to "a wall a thousand feet high" or "a thousand-foot-high tsunami." He argues that in the face of such a "tsunami," the political "signal-to-noise ratio is too poor," and "getting back to the core work of building technology is what I enjoy doing." This explains why Musk has devoted more energy to technological innovation and business development after ending his 130-day term as a special government employee under the Trump administration.
Musk predicts that if AI does not first eliminate humanity, it will drive an economy that is thousands or millions of times larger than the current one. He believes that ultimately, human society may reach a Kardashev Level II or higher civilization, with an economic scale thousands or even millions of times larger than now. In light of this grand vision, X's fintech transformation may be Musk's preparation for the future AI-driven economic era, aiming to build an infrastructure capable of supporting massive economic activities.
Conclusion:
X's fintech transformation is a key step in Musk's vision of building a "super app" and represents his strategic layout for future economic forms before the arrival of the "AI tsunami." By integrating various functions such as payment, trading, social interaction, and content, X is attempting to become an all-encompassing digital life platform. However, in achieving this ambitious goal, X still faces challenges from regulation, market competition, and user trust.
Related: X platform experiences large-scale account bans, shaking the crypto community: Is it an algorithm misjudgment or something else?
Original article: “Musk Accelerates X's Fintech Transformation: In-App Payments and Trading Coming Soon, New Layout Before the AI Tsunami”
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