Elon Musk Launches X Money Following Net Worth Decline

Elon Musk launched X Money on July 27, introducing a digital payment service for X Premium and Premium+ subscribers. The service includes a digital wallet, fee-free peer-to-peer transfers, and a Visa debit card, marking a step toward transforming X into an everything app.

The rollout follows a sharp decline in Musk's net worth, which fell from a peak of $1.45 trillion to approximately $695.7 billion. On July 24, Musk described himself as a "(Former) Trillionaire." This financial shift was driven by a 50% plunge in Space Exploration Technologies Corp. shares since June 16 and a 14.5% drop in Tesla shares on July 23, the latter following disappointing second-quarter earnings and high spending on artificial intelligence.

Musk's move into financial services contrasts with his recent predictions regarding the future of currency. He told The Economist that money "won't matter" by 2036, claiming that the advancement of AI and robotics will create such an abundance of goods and services that traditional currency will become irrelevant.