Elon Musk’s social media platform X, formerly known as Twitter, has obtained a money-transmitter license from Utah, making it the 15th U.S. state to grant approval.
This license allows X to facilitate money transfers, similar to PayPal’s Venmo, and enables users to send money to each other.
The move into payments aims to diversify X’s business beyond digital advertising, which faced setbacks after Musk’s ownership, including advertiser pullback due to controversial incidents.
BIG BREAKING
ELON MUSK LEAD X has been granted a Money Transmitter License in the state of Utah. pic.twitter.com/Jblm6EcE6j
— BITCOINLFG® (@bitcoinlfgo) January 15, 2024
Musk envisions transforming the company into an “everything app” akin to WeChat, offering various functionalities.
The company had previously obtained licenses from other states, including New Hampshire, Pennsylvania, Arizona, Georgia, Maryland, and Michigan.
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