Elon Musk has begun limited testing for X Money, hislong-anticipated payments and banking platform. This marks a key step towardtransforming X into a multifunctional app.
The move brings a quiet but meaningful shift in theplatform’s direction as it prepares for a wider launch in 2025. Musk confirmedthe beta testing in a response to a May 25 post by Tesla Owners Silicon Valley,a fan account on X.
This will be a very limited access beta at first. When people’s saving are involved, extreme care must be taken.
— Elon Musk (@elonmusk) May 25, 2025
The comment highlighted the cautious approach behind arollout that could redefine how financial services are integrated into socialplatforms.
From Twitter to X Money
Plans to integrate payments into the platform dateback to October 2022, when Musk described his $44 billion acquisition of Twitter as an accelerant for building “X, the everything app.”
Since then, the platform has been rebranded as X andhas moved steadily toward that vision. In 2023, CEO Linda Yaccarino detailedambitions for X to support multiple media formats, user interactivity, andbanking services.
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Early 2024 brought leaks hinting at the development ofX Money, and as of May 2025, the company has secured 41 money transmitterlicenses across the U.S., according to the Nationwide Multi-State LicensingSystem. These licenses are a critical regulatory step for launching afull-fledged financial platform.
Another milestone for the Everything App: @Visa is our first partner for the @XMoney Account, which will debut later this year.💰Allows for secure + instant funding to your X Wallet via Visa Direct 🪪 Connects to your debit card allowing P2P payments🏦 Option to instantly…
— Linda Yaccarino (@lindayaX) January 28, 2025
Political Attention and Pushback
X Money’s progress has also attracted politicalscrutiny. After being appointed to lead the Department of Government Efficiency’s Workforce Optimization Initiative earlier this year, Musk’sinfluence within the federal government grew rapidly. However, that momentumtriggered pushback from U.S. officials, particularly Democratic SenatorElizabeth Warren.
She also criticized his efforts to weaken the ConsumerFinancial Protection Bureau, suggesting his financial ambitions are tied to abroader deregulatory agenda.
Despite criticism, Musk continues to press forward.The beta remains small, with reportedly no public access yet, and the officiallaunch remains slated for sometime in 2025. Speculation continues about whether X Money willinclude support for cryptocurrencies like Bitcoin, a possibility teased inearlier statements.
The move to integrate financial tools directly into Xsignals a larger ambition: creating a single, universal application forcommunication, commerce, and now money.
This article was written by Jared Kirui at www.financemagnates.com.
