Elon Musk’s X Platform set to Acquire Licenses as a Money Transmitter

Elon Musk’s social media platform, X (formerly Twitter), is on track to secure a money transmitter license in New York, with plans to obtain one in California soon after.

The billionaire was speaking at the Morgan Stanley technology, media, and telecom conference, where he also confirmed that the company might obtain its California license within the next month. For the New York license, he noted that the process “could take a few months”.

Musk highlighted the importance of these approvals, given the lengthy processes involved. Already holding licenses in states like Pennsylvania and Utah, X aims to become an “everything app,” akin to China’s WeChat, allowing features beyond social media, such as money transfers among users.

Musk also hinted at potential changes to the platform’s user experience, including the removal of likes and repost counts. Additionally, X introduced a new feature ensuring users’ pinned posts reach all followers every 48 hours to prevent system manipulation.

As part of its expansion, X has embraced job postings, with over a million positions advertised on its platform, signaling a move towards diversification beyond social networking.

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