Elon Musk has confirmed that X Money, the long-anticipated payments and banking feature of his social media platform X, has entered limited beta testing ahead of a broader rollout expected in 2025.
In a post on X dated May 25, Musk stated that the test would begin with "very limited access" to ensure rigorous safety standards, citing the need for “extreme care” when handling users’ savings.
While Musk’s announcement came in response to a post by a Tesla fan account, the move marks the first direct public acknowledgment that X Money is entering its testing phase. It follows months of speculation sparked by software code leaks and regulatory license filings suggesting the feature was nearing launch.
Regulatory Progress Signals Broader Ambitions
X, the company formerly known as Twitter, has been laying regulatory groundwork for its financial services arm since at least 2023.
According to public records from the Nationwide Multi-State Licensing System (NMLS), X has secured 41 money transmitter licenses across the United States - a requirement for companies that wish to handle payments and transfers in multiple jurisdictions.
These licenses suggest the company is preparing to offer a wide array of financial services, potentially including peer-to-peer payments, digital wallets, and broader banking functionality.
The move to beta testing represents a significant step in transforming X into what Musk previously described as an “everything app” - a social, media, and financial super-app modeled loosely after platforms like WeChat in China. However, U.S. regulatory conditions and cultural differences present a far more fragmented and compliance-heavy landscape for such ambitions.
A Vision Years in the Making
Plans for X Money trace back to Musk’s acquisition of Twitter in October 2022. At the time, Musk described the $44 billion deal not merely as a social media buyout but as a way to accelerate his broader vision of building “X, the everything app.”
By mid-2023, the company had officially rebranded to X, and CEO Linda Yaccarino began outlining a roadmap involving “unlimited interactivity,” multimedia expansion, and financial features.
Speculation about X Money intensified after Yaccarino and Musk made vague references to integrating payment rails, including possible support for cryptocurrencies. While no formal crypto integrations have been confirmed, the platform's user base - particularly in crypto circles - has long anticipated potential support for Bitcoin and other digital assets.
Political Ramifications and Government Ties
Musk’s growing involvement in public policy has added a layer of political complexity to the rollout of X Money. In early 2025, following a change in U.S. administration, Musk was appointed to lead the Department of Government Efficiency’s Workforce Optimization Initiative (DOGE), a newly formed federal task force aimed at streamlining bureaucracy.
Though largely symbolic in its current form, Musk’s federal role has raised ethical and political concerns, particularly from Democratic lawmakers. In February, Senator Elizabeth Warren criticized Musk’s dual role as a private tech mogul and government appointee, warning of potential conflicts of interest.
“Musk has lost money hand over fist on X,” Warren said in a February statement. “So he has this idea of X becoming a big money platform where he would get everyone’s personal financial data.” Warren also linked Musk’s ambitions with efforts to weaken regulatory bodies like the Consumer Financial Protection Bureau (CFPB), which oversees digital finance compliance and user protections.
From Social Platform to Financial Network?
Musk’s push to integrate payments into X reflects a broader trend among large tech platforms to blend financial services into their ecosystems. Meta (formerly Facebook) has made several attempts to launch payment features, including the now-defunct Diem stablecoin project.
Apple and Google have introduced banking-adjacent products like Apple Pay and Google Wallet. However, none have yet succeeded in turning a social network into a fully operational financial ecosystem.
The key differentiator with X Money could lie in its integration of personal finance directly into social interactions. If successful, X could provide tools for tipping, crowdfunding, merchant payments, or even salary disbursement, all within the app’s ecosystem. Such a transformation would fundamentally shift how users engage with social media—moving from passive content consumption to active financial participation.
Still, many observers remain skeptical. The fragmented nature of U.S. financial regulation means that any product dealing with money transmission, deposits, or lending must comply with a complex patchwork of state and federal rules. Licensing in 41 states is significant, but it is not sufficient for a full national rollout, particularly if banking services are involved.
Questions Around Privacy and Data Use
Musk’s plan to integrate financial tools into X also raises significant questions around user data privacy, surveillance, and commercial exploitation. Critics warn that turning X into a financial platform could lead to increased data harvesting, especially if users' financial histories, transaction patterns, and identity credentials are tied to their social media profiles.
Given Musk’s history of rolling back moderation policies and reshaping the platform’s trust and safety infrastructure, concerns about financial data misuse have intensified. Unlike banks, which operate under strict privacy regulations and consumer protection rules, tech companies offering financial tools often operate in regulatory gray zones.
“Bringing finance to a social platform with such a volatile governance record could expose users to real risks,” said one financial policy researcher familiar with fintech regulation. “It’s one thing to tweet; it’s another thing entirely to store your savings or send money.”
What Comes Next?
Although beta testing has begun, the full release of X Money is not expected until 2025, and even that timeline may prove ambitious given the pace of financial product approval in the U.S.
Much will depend on how the limited beta performs, how regulators respond, and whether user interest justifies a broader rollout.
With Musk’s focus now split between corporate operations, government advisory roles, and ongoing projects at Tesla, SpaceX, and Neuralink, X Money will need sustained attention and considerable technical development to become a viable financial product.