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Updated March 7th, 2024 at 12:27 IST

Elon Musk’s X to secure money transmitter license in New York

Speaking at the Morgan Stanley technology, media, and telecom conference, Musk indicated that X could expect to obtain its California license next month.

Reported by: Business Desk
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Elon Musk | Image:Republic
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Money transmitter license for X: Elon Musk announced on Wednesday that his social media platform, X, is on the brink of securing a money transmitter license in New York, an advancement towards integrating payment features into the platform.

Speaking at the Morgan Stanley technology, media, and telecom conference, Musk indicated that X could expect to obtain its California license within the next month, while the New York approval process may extend over the next few months.

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Since acquiring the company formerly known as Twitter in 2022, Musk has been steadfast in his mission to transform it into an expansive "everything app" akin to Tencent's dominant WeChat platform in China. This evolution includes functionalities beyond social media, such as the capability to facilitate money transfers between X users.

To operate nationwide in the United States, X must obtain money transmitter licenses in each state. Musk has underlined the importance of securing approvals in populous states like New York and California, which are renowned for their rigorous regulatory processes. Notably, X has already obtained licenses in states like Pennsylvania and Utah.

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During the conference, Musk, who also serves as the CEO of Tesla and SpaceX, disclosed that X is contemplating the removal of visible metrics such as likes and reposts on posts. He cited concerns about cluttering the platform's content with unnecessary visual elements.

(With Reuters inputs)

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Published March 7th, 2024 at 12:27 IST

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