Elon Musk Confirms ‘X Money’ Payment Platform in Beta Testing
WASHINGTON, May 27 (WSH) — Elon Musk has officially confirmed that the long-anticipated payment and banking service “X Money” is now in beta testing. The platform, which will be integrated into the X social media app (formerly Twitter), marks Musk’s latest move to transform X into an all-in-one digital ecosystem.
Responding to a post by the account “Tesla Owners Silicon Valley,” Musk stated: “We need to start with a very small beta test. When it comes to people’s savings, we must be extremely cautious.” His comments followed months of speculation surrounding X Money, particularly after earlier rumors of leaked code suggested a 2025 launch.
According to U.S. state regulatory data, X has already secured money transmitter licenses in 41 states, a key legal requirement for offering financial services. The platform is expected to support peer-to-peer transactions and debit card linkages in partnership with Visa. While rumors swirl about possible integration of cryptocurrencies such as Dogecoin, Musk has not confirmed any such details in his recent statements.
X Money is part of Musk’s broader vision of building “X — the everything app,” a goal he has been vocal about since acquiring Twitter for $44 billion in 2022. The app has since been rebranded and is expanding to include video, audio, news, and now, financial tools.
Amid growing political interest in Musk’s digital empire—especially since President Donald Trump appointed him as Director of the Department of Government Efficiency (DOGE)—some lawmakers have expressed concern. Senator Elizabeth Warren warned that Musk may be seeking to monetize users’ financial data under the guise of innovation, calling for greater scrutiny of X Money’s operations.
Despite criticisms, anticipation for X Money remains high among users and investors, who see it as a possible disruptor to existing payment platforms.
