Elon Musk's X launches banking service X Money for US subscribers
Elon Musk's social media platform X has launched its X Money banking service to all US subscribers of its paid Premium and Premium+ tiers, marking a major step in Musk's ambition to transform X into an 'everything app' similar to China's WeChat. The service allows users to hold deposits, send peer-to-peer payments, pay bills, wire money, and mail checks without leaving the app. Deposits are held at Cross River Bank and insured by the FDIC up to $250,000. X Money offers an annual percentage yield of up to 6%, significantly higher than most US high-yield savings accounts. The rollout follows a limited test in late June. The service has drawn scrutiny from US Senator Elizabeth Warren, who questioned the sustainability of the high yield and cited past FDIC enforcement actions against Cross River Bank. X Money positions the platform to compete with established payment apps like Venmo, Cash App, and SoFi.
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