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Elon Musk's Renamed X Platform Secures Green Light for Money Transfers

  • Posted on January 16, 2024
  • Technology

Elon Musk's X platform, previously Twitter, has received a money-transmitter license in Utah, its 15th state approval. This move aligns with Musk's vision to transform X into an all-encompassing app. The approval allows X to diversify into money transfers, aiming to recover from advertiser challenges faced due to controversial incidents.

Elon Musk's Renamed X Platform Secures Green Light for Money Transfers Image Source

Elon Musk's social media venture, once Twitter and now X, has achieved a significant milestone with the acquisition of a money-transmitter license from Utah. This marks the platform's 15th state approval, following previous endorsements from New Hampshire, Pennsylvania, Arizona, Georgia, Maryland, and Michigan. The license positions X to operate akin to popular platforms like PayPal's Venmo, facilitating seamless money transfers among users.

The Utah approval comes as part of X's strategic evolution beyond digital advertising, an area where the platform encountered setbacks following Musk's ownership. Advertisers suspended spending due to Musk's endorsement of an antisemitic conspiracy theory, and subsequent controversial remarks during a New York Times DealBook event. This prompted a shift in focus towards payment services to mitigate the impact on the platform's revenue stream.

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Elon Musk's vision for X extends beyond a social media platform. He aims to create an "everything app," drawing inspiration from the functionality of China's WeChat. The envisioned transformation includes features beyond messaging, such as taxi-hailing and merchant payments. With the latest approval, X is poised to integrate these functionalities, marking a significant step towards Musk's ambitious goal.

Utah's approval follows X's initial state money-transmitter license granted in New Hampshire last year. As X expands its reach, acquiring approvals from states like Pennsylvania, Arizona, Georgia, Maryland, and Michigan, it solidifies its position in the evolving landscape of digital platforms with diversified services. The latest development underscores Elon Musk's commitment to reshaping X into a multifaceted, user-centric platform, blending social interaction with seamless financial transactions.

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