Rumors Elon Musk’s X nears payment system launch, battles advertisers in court Rumors Elon Musk’s X nears payment system launch, battles advertisers in court
X has rapidly acquired money tranmitter licenses across various US states over the past year.
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Updated: Aug. 7, 2024 at 10:47 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Social media platform X (formerly Twitter) may be approaching its payment system goals, according to independent app researcher Nima Owji.
On Aug. 5, Owji revealed that X was developing a “Payments” button for its navigation bar. The button, located just below the bookmarks tab, may allow users to access balances, make transfers, and conduct other transactions. X growth influencer Alex Finn echoed the sentiment, declaring that “X Payments is arriving imminently. This is going to change X forever.”
This development indicates that X’s payment system could launch soon, which aligns with Elon Musk‘s vision. Since acquiring the platform in 2022, Musk has aimed to transform X into an “everything app,” with payment services as a core feature.
Earlier this year, X announced plans to introduce a peer-to-peer (P2P) payment system by mid-2024. The company has made significant progress toward this goal by rapidly obtaining money transmitter licenses across various US states. Last month, X received a license in North Dakota, bringing the total to 33 states.
Despite Musk’s strong pro-crypto stance, there are no indications that the platform will support digital currency payments. Notably, the billionaire has also consistently maintained that none of his companies would launch their crypto token.
Sues advertisers
In a parallel development, X has filed a federal antitrust lawsuit against an advertising industry coalition and its members, including CVS Health, Mars, Orsted, and Unilever.
The lawsuit claims the group used its influence to unfairly discriminate against the social media platform, leading to an ad boycott.
X CEO Linda Yaccarino stated that the alleged illegal actions of these organizations cost X billions of dollars. She commented:
“People are hurt when the marketplace of ideas is undermined and some viewpoints are not funded over others as part of an illegal boycott. This behavior is a stain on a great industry, and cannot be allowed to continue.”
This legal action follows a significant drop in X’s ad revenue since Musk’s 2022 acquisition. Brands have become wary of advertising on the platforms due to several rapid changes made to the social media platform and reported increased divisive content.
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X
X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.