Elon Musk wants X to run your entire financial life. It’s not just about paying. It’s not just a message. all. That’s the plan. He says the rebranding from Twitter to X was more than just a renovation. It’s the beginning of something big.
“Comprehensive communication and the ability to implement your entire financial world,” Elon said in an interview. There are no more app switching. There is no better bank. Just x.
Elon also said it will be the most efficient money database ever built. He promises real-time processing, low fraud, and a very large system, which could become “half of the world’s financial system.” His words are not ours:
“I don’t know, maybe half the global financial system. Or some big numbers. I don’t know what the numbers are, but they’re pretty big. That’s by far the biggest financial institution.”
Musk wants to ignore past (and present) obstacles and build the next wechat
Elon hopes to defeat WeChat, a Chinese app used to text messages, shopping, transfers, pay invoices, and even borrow cash used by over a billion people.
But this is the problem with the Golden Boy. Other tech giants have already tried this, but they all failed. Facebook’s Mark Zuckerberg has Libra, which was supposed to be this big cross-border payments project, but was killed by regulators and Facebook users.
Google had a financial tool lined up with 11 banks that were not released. Amazon discussed with JPMorgan Chase and built a checking account, but nothing happened. Microsoft worked with BlackRock to plan for a retirement plan, but that plan has also disappeared.
When they launched the Apple Card with Goldman Sachs in 2019, only Apple got something from the ground. But hilariously, Goldman is hoping for it now, as the product is simply not profitable enough. Yes, there’s a proven track record here. And that’s not great.
Elon is already facing heat from regulators. The SEC struck him in a lawsuit that failed to disclose the stock purchases on Twitter before attempting to buy the company in 2022.
A process server appeared on March 14th at SpaceX in Brownsville, Texas, providing the paper, according to a court filing. However, three security guards refused to obtain the documents. Some even said he was trespassing. So the server left the documents on the ground. The guard took a picture of him and his car as he left.
According to the court, Elon was to file a disclosure within 10 days of owning more than 5% of Twitter. He didn’t. He waited more. The SEC says it has paid at least $150 million for the shares he grabbed after the delays closed.
The lawsuit will be filed in Washington, D.C., and Elon will need to respond by April 4th. He can also dismiss it. This isn’t even his first dance in the SEC. During his time at Tesla, he was hit with civil fraud charges. At that time, he had to pay $20 million, and Tesla paid $20 million and resign as chairman of Tesla’s board.
X raises money, recovers valuations and withdraws revenue
Despite this, X is gathering money and pulling out numbers. According to a Bloomberg report, the platform has raised nearly $1 billion in new funding. The deal will value X at $32 billion. Yes, that’s lower than what Elon paid for it, but it’s still a big rebound. Remember – Fidelity said in September that the company was worth less than $10 billion. It’s a big jump in a few months.
The Financial Times also removed some numbers. They say X earned $1.2 billion in adjusted revenue in 2024. It is before interest, taxes, depreciation and amortization. Yes, that’s about the same amount that the platform did before Elon bought it. As a result, advertising revenue fell and users left, but somehow revenue rose.
The same report from the Financial Times brings the X valuation back to $44 billion, consistent with what Elon paid in 2022. Two different ratings – $32 billion from Bloomberg and $44 billion from FT – Either way, it’s clear that the company has made a big recovery.
And yes, Elon helped fund $1 billion to raise himself. It’s not just outside investors. His own money was in.
Elon, meanwhile, is busy in Washington. After taking over Twitter, he used the platform to support President Donald Trump and other Republican politicians. According to the filing, he spent $290 million to help Trump take office. Now he is the top adviser within the Trump administration.
That new role may help explain what is happening in the SEC. Trump’s White House cut its agency budget and staff. Employees were offered a $50,000 acquisition to retire or retire by March 21st. This is the same as the SEC filed a civil complaint against Elon.
Trump has also changed long-standing SEC rules. For the past 15 years, the executive director of the agency has been able to issue an investigation order directly. That power is no longer there. All formal investigations must pass the commissioner and vote. It slows everything down. Includes cases where Elon is targeted.
Therefore, X raises cash and posts numbers, but its owner kneels in court dates, politics, litigation and strong relationships with leaders in the free world. And through all of that, he still pushes X to transform into the main hub of global money. From text to transfer. From tweets to loans. It’s no wonder Elon has returned to his code support.
