Elon Musk's 'X' Secures US Licenses for Comprehensive Payment Processing, Including Cryptocurrency

Elon Musk Sets One-Year Goal for 'X' to Revolutionize Banking

Elon's social media platform, X (previously Twitter), has secured money transmitter licenses in seven U.S. states, with the latest from Rhode Island. While the licenses suggest X's potential integration of crypto payments, they also encompass broader payment systems like PayPal and Venmo. Musk envisions X evolving into an 'everything app,' possibly hinting at nationwide payment processing similar to PayPal. The Rhode Island license is pivotal for crypto services, but isn't exclusive to them. Despite the implications for crypto, these licenses are akin to those held by companies like Western Union and PayPal, emphasizing a diverse payment strategy.

Elon Musk aims for "X" to replace traditional banking by the end of 2024, envisioning it as the core of users' financial activities. During an internal call, Musk elaborated that "X" would encompass all monetary aspects, negating the need for a bank account. The company is seeking money transmission licenses across the US to offer financial services. Musk's ambitions for "X" mirror his original vision for X.com, a precursor to PayPal. He aspires to transform "X" into a comprehensive app, similar to super apps like WeChat. However, Musk must overcome challenges, including gaining users' trust to manage their finances.

Reportedly Elon Musk is seeking a financial-data provider to establish a trading hub. X recently reached out to data firms for financial content proposals, including real-time stock data. Although firms were offered access to a vast user base, they weren't promised compensation and were asked about potential investments. Musk commented ambiguously about the development on X. Earlier, eToro planned to introduce trading services, including crypto, on the platform. Given Musk's interest in cryptocurrencies, trading in assets like Bitcoin and Dogecoin might be integrated. Musk's vision for X is to emulate China's multifunctional WeChat platform.

Elon Musk Loses $41 Billion in 13 Days as Tesla Earnings and EV Market Sour

• Elon Musk's net worth has dropped by $41 billion since Tesla's third-quarter earnings report on October 18, 2023.

• Tesla's stock price has fallen by 23% since the earnings report, wiping out $189 billion in market capitalization.

• Musk's net worth is largely tied up in Tesla stock, so he has taken a significant hit from the recent decline.

• The decline in Tesla's stock price is likely due to a number of factors, including:

  • Disappointing earnings results for the third quarter

  • Musk's acquisition of Twitter, which has been a distraction and has raised concerns about his focus on Tesla

  • A broader sell-off in growth stocks

  • Rising concerns about a recession

Join us on this exciting journey as we delve into the AI innovation landscape.

Subscribe to our weekly newsletter