Elon Musk’s X: A Vision for WeChat-like Dominance in Finance
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Elon Musk, the visionary entrepreneur behind SpaceX and Tesla, has set his sights on revolutionizing yet another industry—social media and finance. The tech mogul has revamped the popular social media platform, formerly known as Twitter, into the new powerhouse called “X.” But X is not just an ordinary social media app; it has grand ambitions to emulate the success of the Chinese super-app, WeChat, by integrating comprehensive financial services.
Elon Musk’s X: A Vision for WeChat-like Dominance in Finance
Elon Musk, the visionary entrepreneur behind SpaceX and Tesla, has set his sights on revolutionizing yet another industry—social media and finance. The tech mogul has revamped the popular social media platform, formerly known as Twitter, into the new powerhouse called “X.” But X is not just an ordinary social media app; it has grand ambitions to emulate the success of the Chinese super-app, WeChat, by integrating comprehensive financial services.
In the footsteps of WeChat’s Evolution
WeChat, created by the Chinese tech giant Tencent, started as a simple messaging app in 2011 but rapidly expanded its scope to encompass various services. Today, it serves as a multifunctional super-app, allowing users to not only communicate but also shop, make payments, order food, book appointments, and even apply for divorces, all within the same platform. This remarkable integration has made WeChat an indispensable part of daily life for millions of users in China.
Musk envisions that if executed adeptly, X could monopolize “half of the global financial system.” In keeping with this vision of presenting an “entire financial world” on the platform, X’s potential roadmap could include cryptocurrencies, with a hint of featuring Dogecoin (DOGE). Given its positioning as the “global town square” where crypto businesses frequently converse, X’s larger-than-life rebranding could significantly shape the West’s financial future.
Musk: X to Host “Entire Financial World”
Musk has outlined ambitious plans to incorporate financial services on X, forecasting that users can anticipate accessing an “entire financial world” within the coming months. As part of this ‘everything app’, digital assets like Dogecoin (DOGE) are slated to play a key role. Previously in April, Musk announced a partnership with eToro to offer crypto and stock trading on the platform. He asserts that a well-executed plan could enable X to capture “half of the global financial system”, covering banking, payments, and more.
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Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
