Elon Musk’s X gets money transfer license in Utah By Reuters
© Reuters. FILE PHOTO: Twitter’s new logo is seen in this picture taken on July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) – Elon Musk’s social media platform
Utah received approval Friday, according to the Nationwide Multistate Licensing System & Registry, an online database.
It gives the company similar features to PayPal’s (NASDAQ:) Venmo, facilitating fund transfers and allowing the company to allow users to send money to each other.
The push for payments could help X diversify its business beyond digital advertising, which has struggled since Musk took over ownership.
Some major advertisers stopped spending or left the platform last year after Musk reached a settlement with user X who supported anti-Semitic conspiracy theories. At a New York Times DealBook event later that month, the billionaire CEO made profane remarks about the brand that stopped advertising about X.
Since acquiring Twitter in October 2022, Musk has positioned the company as a provider of “everything apps,” similar to the popular Chinese app WeChat, which allows users to not only send messages but also hail taxis or pay merchants. They announced that they are planning to remodel it.
The company received its first state money transmitter license in New Hampshire last June, and has also received approval in Pennsylvania, Arizona, Georgia, Maryland and Michigan.
