Elon Musk Unveils Secret Financial Service Amid SpaceX's $1.77 Trillion IPO Frenzy

As SpaceX prepares for its historic IPO on the US stock market with a valuation of $1.77 trillion and a record $75 billion capital raise, financial experts have uncovered a hidden gem within the company's official documents. Buried in legal jargon is a new financial service called "X Money," formerly known as Twitter Payments, which experts dub "Elon's bank." This service aims to transform Musk's social app into an "Everything App," allowing hundreds of millions of users not only to engage socially but also to manage bank accounts, pay bills, transfer money, and invest.

After years of regulatory hurdles, X Money has secured money transfer licenses across nearly all US states. It has launched a beta for premium users and celebrities, including actor William Shatner, and plans a full public rollout in the US this summer. Partnering with Visa and Cross River Bank, X Money offers premium metal debit cards with benefits like 3% cashback. Its standout feature is a 6% annual interest rate on deposits, ten times the US market average, with FDIC insurance ensuring low risk.

Unlike crypto ventures, Musk targets mainstream institutional money, leveraging X's nearly 600 million users. If just 10% deposit funds, X Money could surpass popular payment apps like Venmo and Cash App. The model mirrors China's WeChat, which dominates financial transactions there. However, risks remain, including incomplete terms for the high interest, cybersecurity concerns, and potential account lockouts affecting access to funds.

Meanwhile, SpaceX itself faces skepticism due to inflated valuation and financial losses. Yet Musk is building an empire integrating electric cars, satellite internet, AI, and now digital banking under one vision. While investors debate SpaceX's stock price, Musk quietly aims to disrupt global banking, and those ignoring this move may soon regret missing the opportunity.