- Elon Musk is reportedly close to launching a new banking and payments platform, X Money, as part of his vision to transform X into an "everything app".
- A limited rollout of the X Money finance feature is anticipated in the coming days, despite ongoing regulatory hurdles.
- The platform is expected to offer competitive perks, including a savings account with 6 per cent interest and 3 per cent cashback on certain transactions.
- X has secured licences in numerous US states and partnered with Visa, but still requires approval in key states like Massachusetts and New York, potentially leading to a fragmented launch.
- US Senator Elizabeth Warren has expressed concerns about X's ability to safely expand into consumer finance, citing issues such as scams, fraud, data privacy investigations, and the circulation of child sexual abuse material on the platform.
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