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According to the Financial Times, Elon Musk's social media platform X (formerly Twitter) is on its way to becoming a “super app” by offering new features that will allow users to invest and trade.
X CEO Linda Yaccarino announced in an interview with the Financial Times at the Cannes Lions advertising festival that users will soon be able to make payments, invest and trade via the X platform. “You will be able to come to X and manage your entire financial life through this platform. It could be paying for that pizza we had together last night, or it could be an investment or a trade,” Yaccarino said.
However, the new system is not expected to include cryptocurrencies for now.
The company also plans to launch the digital wallet and user-to-user payment system “X Money” service, which will be launched in partnership with Visa by the end of the year. Yaccarino announced that this service will be launched first in the US and then expanded to other markets. X Money will offer functions such as purchasing products, storing money on the platform and tipping content creators.
It has also been reported that the company has plans to launch an X-branded credit or debit card later this year.
Musk’s goal is to turn X into a one-stop platform for messaging, payments, shopping and investing, similar to China-based app WeChat, but that expansion could subject X to stricter regulations, such as licensing and anti-money laundering.
X, which Musk bought for $44 billion in 2022, has since faced financial difficulties as advertisers pulled out of the platform. Advertisers were concerned that Musk’s lack of control over content could lead to their ads appearing alongside disturbing content.
Yaccarino argued that the platform has rebuilt its relationships with advertisers, saying, “96% of pre-acquisition advertisers have returned to the platform. We will reach 2022 ad revenue levels very soon.”
*This is not investment advice.