Elon Musk said on Wednesday that his social media platform X could soon receive approval for a money transmitter license in New York, putting the platform a step closer to offering payment features.
While speaking at the Morgan Stanley technology, media and telecom conference, Musk also said X could receive its license in California in the next month or so, while getting the New York approval could be “a few months away”.
Since acquiring the company formerly known as Twitter in 2022, the billionaire has sought to turn it into an “everything app” like Tencent’s dominant WeChat app in China, with features beyond social media, including the ability to send money to other X users.
To offer services across the U.S., experts say X will need a money transmitter license in each state, and Musk has previously said that approval in New York and California would be the most consequential. Those populous states are also known for relatively lengthy approval processes.
Some other states including Pennsylvania and Utah have already granted money transmitter licenses to X.
During the conference, the billionaire who also runs Tesla and SpaceX said X was considering removing the number of likes and reposts that are currently visible on each post.
The information could visually clutter content on the platform, he said.
Source: Business Standard
