Elon Musk intends to transform X, formerly Twitter, from a mere social media platform to a financial hub, The Verge reported on Friday. The report noted that the tech billionaire plans to roll out this finance-focused feature by the end of 2024.
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“When I say payments, I actually mean someone’s entire financial life,” Musk said during a meeting with colleagues on Thursday, according to audio acquired by The Verge. Essentially, he wants X users to not need a bank account.
In the same tune, X CEO Linda Yaccarino was quoted in the report to have said she expects the features to present a “full opportunity” for the company in 2023. Meanwhile, X is purportedly trying to get money transmission licenses nationwide.
X’s aspirations to grow its financial component would likely place it as a direct rival of payment giant PayPal (NASDAQ:PYPL), a company Musk helped form back in 2000, along with Block (NYSE:SQ).
What are the Best Digital Payment Stocks?
Turning to Wall Street, SQ stock is the leader in upside potential at 94.18% against its average price target of $77.71. Meanwhile, with an average price target of $83.79, PYPL is the laggard, as this Moderate Buy-rated stock offers investors 66.28% upside potential.
