I'll make X the centre of people’s financial lives: Musk tells staff

October 27 marks the first anniversary after the billionaire Elon Musk took over the then Twitter, a social media behemoth that he subsequently rebranded as "X."

San Francisco: Elon Musk has told employees they will not need a bank account in about one year's time as X will become the centre of people's financial lives, handling anything that deals with money.

In the first all-hands meeting with employees along with CEO Linda Yaccarino late on Thursday, he said people will be surprised with "just how powerful it is," reports The Verge.

"When I say payments, I actually mean someone’s entire financial life. If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like sending $20 to my friend. I’m talking about, like, you won’t need a bank account," he told the staff.

Linda said this may become a "full opportunity" in 2024. "It would blow my mind if we don’t have that rolled out by the end of next year," Musk added.

The original plan for X.com was clearly on Musk's mind. "The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000," Musk said on the internal X call.

"For some reason, PayPal, once it became eBay, not only did they not implement the rest of the list, but they actually rolled back a bunch of key features, which is crazy," the billionaire added.

"So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago," said Musk. He wants X to become an everything app, just like China's WeChat.