X owner Elon Musk said on Wednesday that the social media platform is about to get approval for a money transmitter license in New York within a few months. Meanwhile, while speaking at the Morgan Stanley technology, media, and telecom conference, Musk also said that X is considering stopping showing the number of likes and reports on all X posts. He mentioned that the money transmitter license in California could be received in the next month, while the one in New York could take a few more months.
The platform was formerly known as Twitter and was acquired by Musk in 2022. Since he acquired the platform, Musk has made several changes to its features, even changing its name to X. The billionaire has a vision of turning the app into an all-purpose app with abilities beyond social media. The platform is on its way to add money transaction features, through which X users would be able to send money to other users. Getting a license in the United States is important, with the ones in the two most populous states, New York and California, being the most significant development. Previously, other states, including Pennsylvania, Arizona, Georgia, Maryland, Michigan and Utah, have already approved the money transmitter license to X.
The shift into payment services is a crucial step for X to enhance its features and business. Earlier, the platform faced some criticism after Elon Musk took ownership and saw some advertisers leave the social media platform due to his controversial stand. Last year, Musk received backlash online for supporting an X user on an antisemitic conspiracy theory.
Musk has aimed to turn X into a platform similar to the famous Chinese app “WeChat.” Therefore, this vision will turn X into a platform beyond social media, having abilities like making payments other than exchanging messages.
Add Comment