X Money

Elon Musk's net worth has fallen below $700 billion, leading him to acknowledge on X that he is a 'former trillionaire' as his fortune has lost approximately $750 billion. Around the same time, Musk introduced X Money, a digital wallet feature integrated into X, partnering with Visa to offer services like peer-to-peer transfers and a debit card linked to users' X handles.

Elon Musk's social media company X, formerly known as Twitter, launched X Money, an invite-only service allowing users to send money to each other using banking services from Cross River Bank. X Money is not a new bank but leverages existing banking infrastructure.

Elon Musk's social media company X, formerly known as Twitter, launched X Money, an invite-only service allowing users to send money to one another. The service uses banking technology and services from Cross River Bank, without establishing a new bank.

Elon Musk's X (formerly Twitter) launched an invite-only financial service called X Money, offering a 6% yield on deposits, 3% cashback on purchases, and real-time money transfers via a Visa debit card. The service uses Cross River Bank's infrastructure and requires a $1,000 deposit and X's premium subscription to access the full yield.

Elon Musk's social media company X has launched X Money, a service allowing users to send money with features including a Visa debit card, 6% yield, and real-time transfers.

Meta has begun offering select creators the option to receive payouts in USDC, integrating existing crypto infrastructure. In contrast, X (formerly Twitter) is developing its own payments system, X Money, which includes a stablecoin and faces regulatory scrutiny. The irony lies in Crypto Twitter, a key community discussing decentralized finance, being hosted on X.

Elon Musk influenced the creation of the GENIUS Act, which allows private companies like X to issue stablecoins without standard regulatory safeguards. He also played a role in dismantling the CFPB, the regulator overseeing payment products, while his new app, X Money, launches with a 6% APY, no FDIC insurance, and a banking partner with a history of regulatory violations. Senator Elizabeth Warren has demanded answers over potential conflicts of interest.

Mizuho warns that Elon Musk's X Money payments project could threaten PayPal by offering integrated P2P transfers, digital wallets, and 6% yield on balances. However, the CLARITY Act may restrict non-banks from providing unregulated deposit-like features, potentially delaying X's plans. SpaceX's IPO filing and crypto platforms offering preSPAX tokens further highlight the convergence of social media, payments, and finance.

Elon Musk is under scrutiny from Sen. Elizabeth Warren over his X Money payments platform, which she claims could threaten consumers, national security, and financial stability. Musk plans to launch X Money in April, with features like Visa Direct integration, though details remain scarce. Former X CEO Linda Yaccarino previously hinted at debit card connectivity for transactions.