Elon Musk's social media platform, formerly known as Twitter and now called X, has secured a money-transmitter license from Utah. This marks the 15th state in the U.S. to grant such approval as X explores the possibility of integrating payment features.
Approval Details
Utah granted the money-transmitter license on Friday, allowing X to operate similarly to platforms like PayPal's Venmo. This license enables the platform to facilitate money transfers, opening the door for users to send money to each other.
The move into payment services is seen as a strategic step for X to diversify its business beyond digital advertising. The platform faced challenges in this area after Musk took ownership, with some major advertisers pausing or leaving the platform due to controversial incidents.
Impact of Controversial Remarks
Last year, Musk faced criticism when he agreed with an X user expressing an antisemitic conspiracy theory. This led to advertisers suspending their spending on the platform. Musk further fueled the situation with a profane comment about the brands during a New York Times DealBook event.
Musk's Vision for X
Since acquiring Twitter in October 2022, Musk has expressed his vision of transforming the platform into an "everything app" similar to the popular Chinese app WeChat. This vision goes beyond messaging, encompassing functionalities like hailing a taxi and making payments to merchants.
Expansion of License Approval
This isn't the first state approval for X. It obtained its initial state money-transmitter license in New Hampshire in June last year. Subsequently, it received approval from Pennsylvania, Arizona, Georgia, Maryland, and Michigan.
ALSO READ | Jio's Republic Day offer: Extra discounts on Rs. 2,999 recharge | Check benefits, validity, and more
ALSO READ | OpenAI plans to fight fake news before 2024 elections, but how? All you need to know
