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Elon Musk Launches X Money
Elon Musk has launched the «X Money» app integrated into the social media platform «X», aimed at combining payment services, transfers, and interest-bearing accounts. It is expected to benefit from a user base exceeding 500 million active users monthly. The app seeks to compete with traditional banks by offering a savings account with an annual interest rate of around 4-5%, hosting e-commerce services, and other future features, while strengthening its capability to handle advertising payments for creators and media content. Despite the significant opportunities, the app faces challenges related to reliability and security, as well as the need to obtain strict regulatory licenses. Additionally, the high cost of subscribing to the «X Premium+» package, at approximately $22 per month, may limit its widespread adoption.
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