Elon Musk has stated that social media giant X (formerly called Twitter) may soon obtain payment licenses in New York and California.
Musk said on Wednesday that his social media platform X may soon get approval for a money transmitter license in the state of New York, which would bring the platform closer to providing payment options.
During a session at the Morgan Stanley tech, media and telecom conference, Musk said X may receive its license in California in the coming month, meanwhile, receiving the New York approval might be a few months away.
After acquiring the firm previously known as Twitter in 2022, the Tesla and Space X billionaire has aimed to turn the platform into an “everything app” such as Tencent’s WeChat app in China. This would include various features beyond regular social media, such as the option to send funds to other users on X.
In order to provide such services throughout the United States, industry professionals state that X will require a money transmitter license in each state.
Musk has previously stated that approval in New York and California could be the most impactful.
These highly-populated US states are well-known for their fairly lengthy approval processes.
A few other US states, such as Pennsylvania and Utah, have issued money transmitter licenses to X.
During the conference, the Tesla and Space X billionaire said X may be considering the possibility of removing the number of likes and reposts that are visible on each social media post.
Musk said that the details may visually clutter content on the microblogging platform.