Elon Musk's X Money promises 6% APY and $10M in FDIC coverage

The social media platform X, formerly known as Twitter, is introducing a high-yield savings account product. This new offering, dubbed "X Money," aims to provide users with a 6% annual percentage yield (APY) on their deposited funds. A key feature of this product is the provision of up to $10 million in FDIC insurance per depositor, a significant increase over the standard $250,000 coverage limit.

This move represents a substantial expansion of X's services beyond its core social networking function. By integrating financial products, X is seeking to leverage its user base and create new revenue streams. The enhanced FDIC insurance coverage, facilitated through partnerships with financial institutions, is designed to attract larger deposits and reassure users about the security of their funds, potentially positioning X as a contender in the digital banking and savings space.