Elon Musk Auctions X Money Access for Charity

X is expanding its service offerings by introducing a beta for its X Money payments platform. Select users are being invited to participate, with early access granted through an online auction. This auction, involving actor William Shatner, required a $1,000 donation to children's and veterans' charities in exchange for beta invites.

William Shatner has been actively promoting the X Money service and its beta invites on X. He confirmed that the auction was conducted with Elon Musk's approval after receiving a payment via the X Money app. A portion of the auction winners will receive metal X Money debit cards, powered by Visa, along with their usernames.

The introduction of X Money is a significant step in Elon Musk's strategy to develop X into an 'everything app.' The platform is designed to host a wide array of features, including messaging, content subscriptions, video, and now, person-to-person payments. X Money's interface features tabs for Account, Rewards, and Activity, with options for deposits and direct deposit to potentially earn APY.

Deposits made through X Money are held by Cross River Bank and are insured up to $250,000 per individual. While X Payments itself is not an FDIC-insured bank, it has been diligently acquiring money transmitter licenses across the United States, with over 40 states now covered. This expansion into financial services echoes Musk's earlier venture with X.com, which eventually merged into PayPal.