PANews reported on November 1st, citing Cointelegraph, that Elon Musk stated on a podcast that he plans to launch a standalone instant messaging app called "X Chat" to compete with Telegram and WhatsApp, expected to launch in the coming months. "It uses a peer-to-peer encryption system, kind of like Bitcoin. The encryption is very good; we're doing full testing," Musk added, noting that it will not have any "ad-driven" advertising. He pointed out that competitors like WhatsApp "target ads based on your chat content."