Elon Musk has begun limited testing for X Money, his long-anticipated payments and banking platform. This marks a key step toward transforming X into a multifunctional app.

The move brings a quiet but meaningful shift in the platform’s direction as it prepares for a wider launch in 2025. Musk confirmed the beta testing in a response to a May 25 post by Tesla Owners Silicon Valley, a fan account on X.

The comment highlighted the cautious approach behind a rollout that could redefine how financial services are integrated into social platforms.

From Twitter to X Money

Plans to integrate payments into the platform date back to October 2022, when Musk described his $44 billion acquisition of Twitter as an accelerant for building “X, the everything app.”

Since then, the platform has been rebranded as X and has moved steadily toward that vision. In 2023, CEO Linda Yaccarino detailed ambitions for X to support multiple media formats, user interactivity, and banking services.

Early 2024 brought leaks hinting at the development of X Money, and as of May 2025, the company has secured 41 money transmitter licenses across the U.S., according to the Nationwide Multi-State Licensing System. These licenses are a critical regulatory step for launching a full-fledged financial platform.

Political Attention and Pushback

X Money’s progress has also attracted political scrutiny. After being appointed to lead the Department of Government Efficiency’s Workforce Optimization Initiative (DOGE) earlier this year, Musk’s influence within the federal government grew rapidly. However, that momentum triggered pushback from U.S. officials, particularly Democratic Senator Elizabeth Warren.

She also criticized his efforts to weaken the Consumer Financial Protection Bureau, suggesting his financial ambitions are tied to a broader deregulatory agenda.

Despite criticism, Musk continues to press forward. The beta remains small, with reportedly no public access yet, and the official launch remains slated for sometime in 2025. Speculation continues about whether X Money will include support for cryptocurrencies like Bitcoin, a possibility teased in earlier statements.

The move to integrate financial tools directly into X signals a larger ambition: creating a single, universal application for communication, commerce, and now money.

Source: Finance Magnates