Elon Musk announced on Wednesday that his social media platform X may soon receive approval for a money transmitter license in New York, bringing the platform one step closer to offering payment features.
Musk also stated that X could receive its California license in the next month or so
While speaking at the Morgan Stanley technology, media, and telecom conference, Musk also stated that X could receive its California license in the next month or so, while New York approval could be “a few months away”.
Since acquiring the company formerly known as Twitter in 2022, the billionaire has sought to transform it into an “everything app” similar to Tencent’s dominant WeChat app in China, with features other than social media, such as the ability to transfer money to other X users.
X is considering removing the number of likes and reposts that are currently visible on each post – Here’s why
Experts believe that to offer services throughout the United States, X will need a money transmitter license in each state, with Musk previously stating that approval in New York and California would be the most important. These populous states are also known for their lengthy approval processes.
Other states, such as Pennsylvania and Utah, have already granted X a money transmitter license.
During the conference, the billionaire, who also runs Tesla and SpaceX revealed that X was considering removing the number of likes and reposts that are currently visible on each post. He stated that the information could visually clutter the platform’s content.