May 27 2025 – In a recent response to reports suggesting “Elon Musk confirms upcoming launch of X Money on X platform,” the tech mogul clarified that the rollout would initially be confined to a highly selective, small-scale beta testing phase. Musk emphasized the need for utmost caution when handling users’ savings, highlighting the significance of prudence in financial services.
This development signals that Musk’s payment and banking application, X Money, has officially entered its trial phase, albeit in a limited capacity. Prior to this, X had been diligently pursuing “money transmitter licenses” across various states, securing approvals from 41 jurisdictions so far. The accumulation of these licenses underscores the company’s commitment to regulatory compliance and its aspiration to establish a robust financial ecosystem within the X platform.
Musk’s vision for X dates back to his acquisition of Twitter in 2022 for a staggering $44 billion. Since then, he has been vocal about transforming the social media giant into a “super app” akin to WeChat, integrating a wide range of services into a single, user-friendly platform. The rebranding to X reflects Musk’s broader ambitions to create a versatile, all-in-one application that caters to users’ diverse needs, from social networking to financial transactions. With the commencement of X Money’s beta testing, Musk is one step closer to realizing this grand vision.
