Don’t be surprised if, in the near future, when you’re at a restaurant, the person at the next table pays with a metal card with the familiar X on it, then drives away in their Cybertruck. The man simply transferred some of his finances to a venture called X Money, the fintech arm of the rocket, social media and artificial intelligence conglomerate SpaceX.
Your money is in the world’s most powerful network
đť•Ź The money is available to US Premium and Premium+ subscribers starting today pic.twitter.com/2c1UMkB4Kn
— X Money (@XMoney) July 27, 2026
It had already happened soft launchedbut Monday was the day he went wide.
First teased in 2023 via a Elon Musk tweeted(they weren’t called “X posts” back then) Twitter’s rebranding to X was supposed to give way to “the ability to manage your entire financial world” within the platform. The app formerly known as Twitter was becoming, as Musk called it, “X, the everything app.” The phrase gradually became a term of abuse, He threw himself in the face of the mask When some revolting new phenomenon arises in X.
But say what you will about X Money, you can register for it today If you are Premium or Premium+ X subscriber.
And why would anyone do that? Well, to give you the benefit of the doubt, pitch are advantages: up to 6% annual income, direct deposit that arrives two days before you actually get paid, free ATMs, and a metal Visa card with an @handle on it that gives you 3% cash back. What can I say, these aren’t nice advantages, at least on paper? They are great benefits, on paper.
No, this isn’t a Venmo-style payments app originating from Twitter. This thing wants your money. But then that flirtatious voice comes again: you will give your money to X, the everything program.
Kind of. “Deposit accounts are held at Cross River Bank, member FDIC, and insured up to $250,000” A post from X Money says. And don’t worry. there is Additional “Cash Sweep Program” that can insure high rollers for bigger deposits by Premium+ subscribers. So if SpaceX goes belly up tomorrow, in theory, you’ll have an account at Cross River Bank. So what is Cross River Bank? This is a company based in Fort Lee, New Jersey provides infrastructure for fintech startups. But at least one FDIC insured The New Jersey-based company provides infrastructure to fintech startups.
But the fintech company you registered to do business with, X Payments LLC, is “not an FDIC insured bank.” And the FDIC “only covers insured bank failure” X Money declined.
Senator Elizabeth Warren’s April letter to Elon Musk about X Money tried to cast some doubt on the stability of this financial institution based on the extremely generous 6% APY offer mentioned above. “It is unclear what risky investments, intrusive data monetization activities, or gimmicks X Money or Cross River may intend to engage in to generate this return when the target Federal Funds rate is 3.5-3.75%.” Warren wrote.
But unlike when Warren wrote his letter, X Money is now part of a publicly traded company. This is a public company it has not been experiencing a stellar stock performance latelybut it is too big and if you don’t find it comforting, last week “In 2036, money won’t matter,” said its CEO.
