Musk Says X On Verge Of Getting Money Transmitter Licence In New York: What This Means

However, for X to operate nationwide, experts emphasise the necessity of obtaining money transmitter licences in each state.

Since he acquired the platform in 2022, Musk has been striving to transform it into an expansive "everything app." ( Image Source :Getty )

Elon Musk revealed that his social media platform X (formerly known as Twitter) is on the verge of securing approval for a money transmitter licence in New York, a development that brings the platform closer to rolling out payment functionalities. Speaking at the Morgan Stanley technology, media, and telecom conference, Musk hinted that X could also expect to receive its licence in California within the coming month, although obtaining approval in New York might take a few months longer.

Since he acquired the platform in 2022, Musk has been striving to transform it into an expansive "everything app," akin to Tencent's dominant WeChat in China. This transformation aims to offer users features beyond traditional social media, including the capability to transfer money to other X users.

However, for X to operate nationwide, experts emphasise the necessity of obtaining money transmitter licences in each state. Musk has previously highlighted that approvals in populous states like New York and California would be pivotal, despite their reputation for prolonged approval processes. Notably, states such as Pennsylvania and Utah have already granted X the required licences.

During the conference, Musk, who also heads Tesla and SpaceX, discussed potential changes to X's interface, including the possibility of removing the visibility of likes and reposts on posts. Musk expressed concerns that such metrics could clutter the platform's content visually.

In further Musk-related news, the ongoing rivalry between the X owner and Meta CEO Mark Zuckerberg seems far from dissipating. The feud reignited recently when Musk responded enthusiastically to a suggestion of a physical altercation with Zuckerberg, made in jest during a conversation shared on X. A user recounted a discussion with a tour guide who humorously entertained the idea of a fight between the two tech titans, prompting Musk to express his readiness for such an eventuality.