Elon Musk's X granted additional money transmitter licenses in three US states
Elon Musk's company, formerly known as Twitter and now called X, has been granted three additional money transmitter licenses in South Dakota, Kansas, and Wyoming, bringing the total number of states where the company is allowed to engage in money transfers to twelve. The company plans to turn X into an "everything app" that includes its own payments system, putting it in competition with PayPal. Musk has previously spoken about his plans to morph X into a payments platform, where users can send money to others on the platform, extract their funds to authenticated bank accounts, and perhaps later, a high-yield money market account. However, X's ability to monetize via ads has taken a downturn in recent days due to an advertiser exodus prompted by Musk's endorsement of an antisemitic post on the platform.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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