Elon Musk’s X: The Ultimate App for the Future of Money and Information

Austin, Texas

A Look into the Future of Finance and Social Media

In an interview from last July 2023 with Zuby, Elon Musk shared his vision for X. Elon explained that X is not just a social media platform, but will become an all-encompassing financial services company that aims to greatly improve the way money and information are exchanged.

The current financial system is slow, insecure, and expensive. X will address these issues by creating a real-time, high-security, cost-efficient database for money. This would be achieved through the use of advanced engineering and technology and the elimination of redundant systems like bank branches and ATMs.

By focusing on efficiency, security, and cost-effectiveness, Elon believes X has the potential to become the major player in the global financial system, possibly accounting for half of it. This will be a significant shift from traditional banking as we know it, as X would operate faster, and more securely. 

As we look forward to 2024, it is clear that Elon is on the fast track to revolutionizing the way we handle money and information. With Elon’s ambitious vision and dedication to the best technology, the future of finance and social media is closer than we may think.

Enjoy this part of the interview with Zuby

Zuby: 𝕏 is something you’ve been having in mind for a long amount of time. 

Elon: Yes, 20 years. 

Zuby: Tell me the story about 𝕏.  

Elon: Way back in the day the idea was for X or X dot com to be an all-encompassing financial services company or, kind of like, in an information theory way, to be the most efficient database for the information that is money. 

The way that money currently works is, from a practical standpoint, it’s still mostly run on mainframes. that is, it’s still a thing with banks, and it is mostly written in COBAL, it is still mostly batch processing. So actually, the financial system is very slow. it’s not secure. You’ve got all these heterogeneous complex databases.

So, if you have a real-time, margins database, that’s just, like fundamentally more efficient. And it does not have all of the expenses of bank buildings all over the place, and bank branches, and ATMs, which are increasingly kind of redundant. You can operate way more efficiently.

And so, essentially, if done right, X would serve people’s financial, needs to such a degree that, over time, it would become maybe half of the global financial system.

Zuby: Wow

E: Or some big number, I’m not sure what the number is, but pretty big. It would be, by far, the biggest financial institution. But, like I said, not really in the way that people are used to thinking about banks. 

Just the most efficient database for the thing that is money. With the least amount of fraud, everything is real-time, and if it involves money in any way, it can be dealt with seamlessly in one location.

In addition, we’ve got this, sort of, social media outlet, which is also information. Its people share information of various kinds, whether it’s text, videos, pictures, voice. 

*pause* (Elon gazes into thought for a long moment)

Elon: And so both money and what we call social media, are really information exchange. 

And so there’s potential there to make a product that is really quite compelling, like, combines all these things, simplifies people’s lives, and is more cost-efficient for the average person. you’ll have a minimum number of fees and whatnot. So I think there’s a lot of potential to create, kind of, the ultimate App, system, website, whatever. 

My thoughts

Elon moves fast. He has made improvements in how we think of energy production, energy storage, and transportation. Elon has completely overturned the antiquated space flight system of one-time-use rockets. Elon is a force of goodness for the earth and all humanity. When he talks about our stumbling, cumbersome, antiquated financial system I envision weighted lines of code in COBOL. I see the huge levels of breaches of security and I know, in my heart, that Elon is right. We all need a better system to handle money. If the man who is building Starship is doing this, I am all for it. What shakes me is the ability he has to envision what will work best for people. There is a look in his eye, and a pause in the interview, where you just know… we’ll see this come to pass. 

Gail Alfar, author. Exclusive to Gail Alfar. All Rights Reserved. My goal as an author and podcaster is to support X and Tesla (the most American vehicle manufacturer) and Elon Musk in both making life better on Earth for humans and becoming a space-fairing civilization.

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