Elon Musk is moving ahead with plans to turn the company formerly known as Twitter, now called X, into an “everything app” that includes its own payment system. In late November, the company obtained three additional money transfer licenses in the US states of South Dakota (on November 27), Kansas (on November 28), and Wyoming (on November 30), bringing the total number of states in which the company is allowed to participate in money transfer to twelve. .
Other states where the company has previously obtained a money transmitter license include Arizona, Georgia, Iowa, Maryland, Michigan, Mississippi, Missouri, New Hampshire, and Rhode Island. All states have been licensed this year, starting with New Hampshire on June 29.
Arizona, Michigan and Missouri were added in July, followed by Georgia, Maryland and Rhode Island in August, and Iowa and Mississippi in September. The filings relate to a company called X Payments LLC, formerly known as Twitter Payments LLC, which will operate X’s money transfers.
Musk confirmed the additions in Share on Xin Answer To an article by Street Which indicated the addition of South Dakota on November 27. The Street reports that the company is registered in only 10 states, according to the Nationwide Multistate Licensing System database. Now, the database displays the latest additions as well.
“Progress” was Musk’s only comment on the new recordings.
However, Musk has previously spoken about his plans to turn X into a payments platform, having previously detailed his vision for the company’s future shortly after the acquisition. He described Twitter, which has now become This plan would put X in competition with PayPal, a company that Musk is credited with founding through its merger with his site X.com. Through Twitter, Musk hopes to once again continue his vision of X.com as a nuisance to the current banking system. It has not yet been determined whether or not this move will also include cryptocurrencies, but it is worth noting that a money transfer license will be required if X supports Digital currencies.
The payments also tie into X’s broader move toward the creator economy, where X users with at least 500 followers and 5 million organic impressions on their posts within the past three months can become eligible to share ad revenue.
Of course, X’s ability to monetize via ads has declined in recent days, with the advertiser exodus prompted by Musk’s endorsement of an anti-Semitic post on the platform and reports that brand campaigns were appearing alongside hate speech. As a result, X lost several major advertisers, including Apple, Disney, IBM, Paramount, Warner Bros., Lionsgate, Comcast/NBCU, Walmart and others. The company also lost a deal with Paris Hilton’s 11:11 Media, which would have seen celebrities promote live audio, live video and live shopping on X. Musk. Criticize At Hilton after the deal fell through, but the departures could spell trouble for X’s monetization plans, and thus its creators’ economy and payments ambitions.
The company said it will focus on small business advertisers in the near term and also plans to make Musk’s new AI, Grok, available to paid X subscribers as another source of revenue.