At the end of 2022, Elon Musk unveiled his plans to transform Twitter into a bank, in order to generate additional revenue. The latest report from The Verge references an internal meeting audio clip, where Musk sets a timeline for various features to be released by the end of next year.
During his tenure at PayPal, back in the early 2000s, Musk had already devised a roadmap for various financial features, when he was still overseeing X.com. However, his roadmap was overlooked, and even features that had already been released were rolled back after eBay acquired PayPal. It now seems that he is dusting off his old dreams and reviving a revamped version of X.com in the end.
The financial features and services are likely just a small part of the transformation plan to turn X.com into X, Everything app.
TLDR: Elon Musk plans to transform Twitter into a bank, releasing various financial features by the end of 2022. He had previously devised financial features during his time at PayPal and X.com, but they were overlooked and rolled back after eBay acquired PayPal. X.com is now being revived, with the goal of becoming the all-encompassing X, Everything app.