Elon Musk confirmed on May 25 that X Money, the long-anticipated payments and banking platform tied to the rebranded Twitter, has entered limited beta testing ahead of a planned 2025 launch. The announcement follows years of speculation about Musk's plans to transform X into a multifunctional "everything app" incorporating social media, media sharing, and financial services.
"This will be a very limited access beta at first," Musk wrote in response to a user post from the Tesla Owners Silicon Valley account, which stated that X would be launching "X Money soon." He added: "When people's saving [sic] are involved, extreme care must be taken."
X Money has been in development since 2022, the year Musk acquired Twitter for $44 billion. At the time, he referred to the purchase as "an accelerant to creating X, the everything app." Since then, X has secured at least 41 money transmitter licenses across U.S. states, according to data from the Nationwide Multi-State Licensing System, as it prepares to enter the highly regulated financial services market.
In January, X CEO Linda Yaccarino said the platform would roll out its financial tools later this year in partnership with Visa, allowing users to link debit cards and conduct peer-to-peer payments. The digital wallet is expected to function similarly to platforms like Venmo, enabling users to fund wallets from their bank accounts and transfer money directly to one another.
Despite early speculation about cryptocurrency integration-particularly Dogecoin, a meme-based digital currency Musk has championed-there has been no mention of crypto support in the latest developments. Musk did not reference Dogecoin in his May 25 confirmation and previously stated that while he likes the coin for its humor and meme culture, he is "not actively involved" in the crypto space.
The lack of crypto functionality in X Money stands in contrast to expectations raised by Musk's longstanding enthusiasm for digital currencies and his previous comments. For now, the rollout appears focused on conventional fiat-based peer-to-peer transactions with Visa as a key partner.
X's ambitions have not gone unnoticed in Washington. In February, U.S. Senator Elizabeth Warren criticized Musk's plans, accusing him of pursuing access to Americans' financial data for profit. "Musk has lost money hand over fist on X. So he has this idea of X becoming a big money platform where he would get everyone's personal financial data," Warren stated.
