Daniel Mercer
Imagine dining at a restaurant and noticing the person at the next table pays with a sleek metal card featuring a recognizable X logo before driving off in a Cybertruck. This scenario is becoming a reality as individuals begin using X Money, the fintech branch of SpaceX, a multifaceted enterprise involved in rockets, social media, and artificial intelligence.
Your money, on the world’s most powerful network
𝕏 Money is rolling out to U.S. Premium and Premium+ subscribers starting today pic.twitter.com/2c1UMkB4Kn
— X Money (@XMoney) July 27, 2026
Although it had a soft launch previously, X Money officially launched widely on Monday.
The concept first emerged in a 2023 tweet from Elon Musk, prior to the term “X posts” gaining traction. The rebranding of Twitter to X was intended to facilitate comprehensive financial management within a single platform. Musk envisioned this transformation as part of creating “X, the everything app.” While the term has evolved into a point of contention, especially during turbulent times on the platform, it still embodies a bold ambition.
Despite the mixed opinions surrounding X Money, Premium and Premium+ X subscribers can enroll in the service starting today.
What incentives drive individuals to sign up? The service boasts attractive perks: an annual return of up to 6%, the convenience of direct deposits arriving up to two days early, access to free ATMs, and a stylish metal Visa card emblazoned with your @handle that offers 3% cash back on purchases. On paper, these benefits are undeniably appealing.
This isn’t merely a payments app merged with Twitter; it seeks a more profound financial relationship. a lingering concern arises: you would be entrusting your finances to X, the everything app.
Somewhat reassuringly, “Deposit accounts are held at Cross River Bank, Member FDIC, insured up to $250,000,” according to a statement from X Money. a “Cash Sweep Program” exists to enhance insurance coverage for larger deposits made by Premium+ subscribers. This means that even if SpaceX faced financial difficulties, your funds would still be safeguarded at Cross River Bank. This institution is based in Fort Lee, New Jersey, and serves as a crucial partner for fintech startups, providing essential banking infrastructure.
It’s important to note that the fintech entity you engage with, X Payments LLC, “is not an FDIC-insured bank.” The FDIC’s protections apply solely to insured banks, as clarified by X Money.
In an April letter to Elon Musk, Senator Elizabeth Warren raised concerns regarding the stability of X Money, questioning the sustainability of its generous 6% annual percentage yield. She pointed out the uncertainty surrounding the potential high-risk investments or aggressive data monetization strategies that X Money or Cross River might employ to sustain such yields, particularly in the context of the current Federal Funds Rate of 3.5-3.75%.
Since Warren’s correspondence, X Money has become part of a publicly traded company. Although this company hasn’t demonstrated impressive stock performance recently, its significant size offers some level of reassurance. For those still uneasy, the CEO recently stated that “money won’t matter in 2036.”
Brandon Fletcher
