Elon Musk disclosed on Wednesday that his social media platform, X, is on the verge of obtaining a money transmitter license in New York, a critical step toward introducing payment features on the platform.
Speaking at the Morgan Stanley technology, media, and telecom conference, Musk mentioned that California approval could follow in the next month or so, while New York’s approval might take a few more months.
Musk, who acquired the X envisions transforming it into an “everything app,” similar to Tencent’s WeChat in China, offering features beyond social media, including peer-to-peer payments among X users.
To provide services nationwide, experts emphasize the need for X to secure a money transmitter license in each state. Musk highlighted that obtaining approval in populous states like New York and California would be particularly consequential, considering their relatively prolonged approval processes. Some states, such as Pennsylvania and Utah, have already granted money transmitter licenses to X.
During the conference, Musk, who also heads Tesla and SpaceX, mentioned that X is contemplating removing the visible counts of likes and reposts on each post, citing concerns about visual clutter on the platform.
