Elon Musk, who owns X (formerly Twitter), gave a hint on Thursday that the platform will bring features of managing financial services and will be available by the end of 2024. According to a report in The Verge, Mr Musk and X CEO Linda Yaccarino held an all-hands meeting where he said that the company needs some licenses for that and the condition will be fulfilled within the next few months. This is yet another push from Mr Musk to turn X into an “everything app”, like other popular services WeChat in China.

“When I say payments, I actually mean someone’s entire financial life,” Mr Musk said at the meeting, as per The Verge report.

“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account,” he further said.

Ms Yaccarino said the company sees this becoming a “full opportunity” in 2024. Mr Musk added to that, saying: “It would blow my mind if we don’t have that rolled out by the end of next year.”

Currently, the company is working on securing money licenses across the United States so that it can start offering financial services.

Mr Musk also spoke about PayPal, which he co-founded in 1998 and bought by eBay in 2002 for $1.5 billion. “The X/PayPal product roadmap was written by myself and David Sacks actually in July of 2000,” he was quoted as saying at Thursday’s meeting by The Verge. 

“And 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. So PayPal is actually a less complete product than what we came up with in July of 2000, so 23 years ago,” he further said.

The billionaire had spoken about turning X into a financial hub before. In November 2022, while meeting Twitter employees for the first time, he had said that “there’s this transformative opportunity in payments”. He had then mentioned about his goal to enable “people on Twitter to able to send money anywhere in the world instantly and in real-time”.

CEO for X, Linda Yaccarino appeared onstage for an interview with CNBC’s Julia Boorstin at Vox Media’s Code 2023 event recently. During the 45-minute-long interview, she shared previously unknown stats of the company.

Throughout the interview, she repeated that she’s only been on the job at X for 12 weeks. She revealed that X, formerly Twitter is losing daily active users after Elon Musk took over.

At the tech conference, Ms. Yaccarino shared that the company currently has 225 million daily active users – a decline in tens of millions or 11.6 per cent of users from just before Mr. Musk acquired the company.

Last year, Elon Musk posted a series of tweets which showed that Twitter had 254.5 million daily active users the week before his takeover.

See the tweet here:

Twitter added 1.6M daily active users this past week, another all-time high pic.twitter.com/Si3cRYnvyD

— Elon Musk (@elonmusk) November 22, 2022

According to The Information, X revised its daily active user count to 245 million daily active users. She said that X had 225 million active users, Ms Yaccarinno previously cited “200 to 250 million” daily active users earlier in the interview.

As per Mashable report, according to stats shared by her, X is losing millions or around 3.7 per cent of daily active users from before Mr Musk’s acquisition.

The report claims that the daily active users are even down from the numbers that Musk shared last year when he was in charge. Twitter had 259.4 million daily active users in mid-November 2022. X has lost nearly 15 million users – a drop of roughly 5.6 per cent.

When Ms. Yaccarino was asked about user metrics, she tried to move away from the topic and said X had 200 and 250 daily active users. She also said the platform had 50,000 communities and engagement numbers were up since June.

She then said that X had 550 million monthly active users. It’s unclear how much monthly active user growth has happened under Mr Musk’s leadership.

She also said that X will be profitable in 2024. “Now that I have immersed myself in the business, and we have a good set of eyes on what is predictable, what’s coming is that it looks like in early ’24, we will be turning a profit,” she said onstage at the Code Conference.

She also claimed, “90% of the top 100 advertisers have returned to the platform in the last 12 weeks alone.”