Social Media

The “Wallet” Update: Why X is About to Become Your New Bank Account

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Elon Musk has publicly mapped out recent progress and future plans for X, the social platform formerly known as Twitter, emphasizing a renewed focus on artificial intelligence integration, monetization avenues and long-term trust building with users and advertisers. Speaking in posts and developer updates over the past week, Musk highlighted incremental achievements while also acknowledging the challenges the platform faces as it seeks stability after years of controversial change.

Musk said that X is evolving from a simple microblogging service into a broader AI-infused communications and media platform. A key part of this evolution is integrating AI tools that enhance search, recommendations and content discovery features aimed at keeping users more engaged and helping the platform compete in an era dominated by intelligent assistants and generative capabilities. In his outline, Musk positioned these AI efforts not as standalone products, but as core enhancements woven throughout the X experience.

X might not have a billion users just yet, but it does boast a passive user base of over a billion, and it’s on track to hit that billion active users mark pretty soon. However, the user count being discussed is a bit of a hot topic. It seems X has between 500 million and 600 million active users, but the truth is, a billion people could be using the app if it were improved. Musk is out there claiming a billion users or at least saying that’s the goal.

On monetization, Musk reiterated that X remains focused on diversifying revenue beyond traditional advertising. This includes expanding subscription tiers, building out commerce and tipping features, and creating options for creators to earn directly through the platform. Musk stressed that a broader and more predictable revenue base is essential for reducing dependence on ad dollars and providing stability for long-term investment in product improvements.

Trust, however, is the gating factor. Musk acknowledged ongoing concerns around moderation, policy clarity and advertiser confidence, all of which directly affect whether users are willing to store money on the platform. A wallet cannot succeed without stability and predictability. That is why Musk’s recent messaging has shifted toward reassurance and long-term roadmap clarity rather than constant experimentation.

Industry observers note that X’s trajectory under Musk has been turbulent, with periods of rapid experimentation followed by reversals and reprioritization. Musk’s recent communications appear designed to reassure stakeholders that the platform now has a clearer roadmap, grounded in technological integration, diversified monetization and a user-centric experience.

X also claims that January saw a major spike in overall engagement, while February will beat that again, while first-time downloads are also up 50%. In terms of what people are doing in the app, X says that the amount of long-form articles published on X has jumped 10x, with reading of long-form posts in the app up 17x. Though when  offer a $1 million prize for the most popular article in the app, that will tend to drive a lot more interest.

Finally, Musk also discussed the development of X Money, which he hopes will be the next big evolution for the app. While Musk continues to speak about artificial intelligence, engagement growth and content discovery, those elements serve a larger objective. X is evolving into an AI-infused operating environment where communication, media consumption and money movement coexist in the same app. The real shift is not in timelines or features alone, but in how Musk envisions user behavior. The more time users spend on X, the more financial activity can flow through it.

Abdul Wasay

Abdul Wasay explores emerging trends across AI, cybersecurity, startups and social media platforms in a way anyone can easily follow.