--- title: "Elon Musk Launches New Service Where You Can Send Him All Your Money and Hope for the Best" description: "Elon Musk's social media platform X has officially rolled out a new banking service, called X Money, to its paying subscribers." date: "2026-07-28" modified: "2026-07-28" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/future-society/elon-musk-launches-bank-x-money" categories: - "Elon Musk" - "Finance" - "Future Society" - "The Industrialists" --- # Elon Musk Launches New Service Where You Can Send Him All Your Money and Hope for the Best ![A composite photo illustration featuring a $100 dollar bill with Elon Musk's face in the center of it.]() *Illustration by Tag Hartman-Simkins / Futurism. Source: Kevin Dietsch / Getty Images; Shutterstock* If you were looking for even more ways to give Elon Musk your hard-earned cash, you're in luck! His social media platform X has [officially rolled out a new banking service](), uninspiredly called X Money, to its Premium and Premium Plus users — who are already shelling out up to $40 a month for a blue checkmark and more prominent tweet replies. The service allows users to store their money in a deposit account and withdraw cash via ATMs using a physical Visa debit card. The microblogging platform is also enticing users with three percent cash-back and six percent annual percentage yield (APY). But you're not alone if you're having second thoughts about handing over a company primarily known for the dissemination of [misinformation](), [child sexual abuse material](), and [hate speech]() — while providing a [depressing echo chamber]() to its [broadly loathed]() CEO — your life savings. As senator Elizabeth Warren (D-MA) pointed out in a [letter directly addressed to Musk]() earlier this year, X Money could pose a risk to "consumers, our national security, and the stability of the financial system," while citing Musk's "track record operating X." "Your failure to operate X in a safe and responsible manner does not breed confidence in your ability to safely expand into consumer finance," she wrote. Musk's desire to launch a banking app goes way back. In 1999, he cofounded e-commerce payment system X.com, which merged with another company in 2000 to eventually form PayPal. However, the company's board [ousted Musk and replaced him with Peter Thiel]() at the time over major disagreements, a [clear source of frustration and anger]() for the SpaceX CEO. X Money is part of Musk's broader goal of transforming X into what he calls "the everything app," which, in the timeless words of former CEO and Musk's mouthpiece Linda Yaccarino, "[can deliver, well... everything]()." It's an ambitious dream that evokes the Chinese app WeChat. But considering Musk's standing in today's society — his behavior has quickly turned him into [one of the most hated people on the planet]() — convincing the public of going all-in on X might be more difficult than he anticipated, especially when it comes to personal finance. Besides, even just getting the feature off the ground has seemingly been far more difficult than Musk anticipated. He originally [promised it would launch by the end of 2024](). "It would blow my mind if we don't have that rolled out by the end of next year," Musk [told then-Twitter employees]() in October 2023. Considering he missed his deadline by over two and a half years, chances are his mind has been blown several times over by now. **More on X:** [*Elon Musk Is Having One of His All-Time Meltdowns*]() ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()