Elon Musk said on Wednesday that his social media platform X could soon receive approval for a money transfer license in New York, moving the platform a step closer to offering payment features.
Speaking at the Morgan Stanley Technology, Media and Telecommunications Conference, Musk also said the X could be licensed in California within the next month, while approval in New York could be “a few months away.”
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Since acquiring the company formerly known as Twitter in 2022, the billionaire has sought to make it an “everything app” like Tencent’s dominant WeChat app in China, with features beyond social media, including the ability to send money to X other users.
To offer services across the US, experts say X will need a money transfer license in every state, and Musk has previously said approval in New York and California would be most important. These populous states are also known for relatively lengthy approval processes.
Some other states, including Pennsylvania, have already granted money transmitter licenses to X.
During the conference call, the billionaire, who also runs Tesla and SpaceX, said X is considering removing the number of likes and reposts currently visible on each post.
