Elon Musk, Tesla’s CEO, has initiated beta testing for X Money, a new payment and banking app he launched after acquiring X, formerly Twitter.
Cointelegraph reported that Tesla Owners Silicon Valley, a Tesla fan account on X, announced the imminent release of “X Money.” Musk responded to the post, clarifying that the initial phase would be a highly restricted beta version with limited access.
X Money is slated for a 2025 launch, but speculation about an earlier release this year arose following a software code leak in January. The company obtains money transfer licenses nationwide, securing approval in 41 states.
The development of X Money gained momentum following Donald Trump’s presidential inauguration. Trump’s appointment of Musk to lead the Department of Government Efficiency (DOGE) provided additional impetus to the X Money project.