Elon Musk plans to turn X, formerly Twitter, into an all-encompassing financial hub that will fully replace the need for banks. And he plans to do it in a year's time.

Musk shared his ideas in an all-hands call with employees on Thursday. The Verge heard the call's audio recording and was the first to report it.

Musk plans to pivot X into fintech

Musk shared his ideas about offering several financial services on X before. In fact, he said it in his very first meeting with Twitter employees, but it looks like his ambitions have continued to grow.