Elon Musk’s Twitter to become fintech hub, challenging banking giants

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Elon Musk, the entrepreneur known for his bold business moves, envisions transforming Twitter into a comprehensive financial services platform.

This is not the first time a tech giant has attempted to enter the financial sector, as Facebook, Google, and Amazon have all made similar efforts, facing regulatory challenges and competition. Musk’s proposed X app aims to connect Twitter’s infrastructure with X.com, offering communication, multimedia, and an entire financial world within the platform. Despite his success with PayPal in the past, history shows that tech companies have faced an uphill battle against established banking behemoths. The challenge lies in gaining user trust and compliance while competing with established fintech giants like WeChat and Alipay. Tech firms must present a compelling value proposition to succeed in this complex and competitive space.

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