Elon Musk Teases “X” as It Was Intended to Be — 20 Years Later, New Personal Finance App To Follow

Nearly two decades ago, Tesla and SpaceX CEO Elon Musk set out to build America’s first “everything app” with X.com. It started as an online bank but morphed into PayPal. After dropping $44B on Twitter, Musk’s circling back to those roots — teasing a neobank.

• This week, Musk began hinting at the rollout of “X Money”, a new financial technology platform that offers 6% APY if you deposit a paycheck into your account.
• The firm also reportedly plans to offer a debit card that provides cash back on purchases, but details remain limited as the product stays closely-held.

Will X users trust it with their money? At this stage, our biggest question is — 6%? With the best credit unions delivering 4%, X Money could make a splash with this unreal savings rate. However, first, it’ll have to win over posters who are still quarreling with spam bots, random outages, and a slew of other problems on the social media platform, which just sold to SpaceX.