Elon Musk’s X platform is preparing to roll out
trading and payment features in a major expansion into financial services, as
the company continues to reposition itself beyond social media, the Financial
Times reported.
The plans mark
a significant step in Musk’s ongoing effort to build an all-in-one “everything
app” modeled after China’s WeChat. X CEO Linda Yaccarino confirmed that users
will “soon” be able to make investments and trades directly through the
platform.
Speaking at the Cannes Lions advertising festival, she
said the goal is to allow users to handle their entire financial life within
the app — from transferring money to making purchases or executing trades.
X chief executive Linda Yaccarino has said that users will ‘soon’ be able to make investments or trades on the social media platform pic.twitter.com/74EsoGDOEP
— Financial Times (@FT) June 19, 2025
Digital Wallet and Card Product in Development
As part of the move, X plans to introduce X Money, a
digital wallet and peer-to-peer payment service. The platform will launch first
in the United States, with Visa as its initial partner.
According to Yaccarino, the feature will support
tipping creators, storing value, and purchasing merchandise. X is also reportedly exploring the launch of a credit
or debit card, which could become available by the end of the year.
The expansion signals Musk’s ambition to replicate
elements of WeChat’s integrated approach to messaging, payments, and commerce
within a single application.
Regulatory and Business Risks Remain
X’s move into financial services is likely to attract
regulatory scrutiny. Adding payment and investment tools will require
compliance with licensing laws and anti-money laundering regulations, which
could create operational challenges for the company.
The development also comes as X continues to work
toward stabilizing its core advertising business. The company has struggled to
regain lost ad revenue following Musk’s $44 billion acquisition in 2022.
Yaccarino claimed that 96 percent of the company’s
pre-acquisition advertising clients have now returned and said X expects to
return to 2022 ad revenue levels “super soon.” Some brands and agencies,
however, remain cautious.
Advertiser Tensions and Legal Challenges
The company has taken legal action against what it
describes as an industry boycott. Last year, X filed a federal antitrust suit
against the Global Alliance for Responsible Media and several brands, accusing
them of coordinating an illegal boycott.
X also plans to integrate artificial intelligence
tools following its $45 billion acquisition by xAI, Musk’s AI venture.
Yaccarino said the platform now has “double the amount of engineers” working on
systems to improve ad targeting and match content trends in real time.
Despite these efforts, X’s financial performance
remains below its pre-acquisition peak. Research firm Emarketer forecasts that
the company will generate $2.3 billion in revenue this year, up from $1.9
billion in 2023 but well below the $4.1 billion recorded in 2022.
Elon Musk’s X platform is preparing to roll out
trading and payment features in a major expansion into financial services, as
the company continues to reposition itself beyond social media, the Financial
Times reported.
The plans mark
a significant step in Musk’s ongoing effort to build an all-in-one “everything
app” modeled after China’s WeChat. X CEO Linda Yaccarino confirmed that users
will “soon” be able to make investments and trades directly through the
platform.
Speaking at the Cannes Lions advertising festival, she
said the goal is to allow users to handle their entire financial life within
the app — from transferring money to making purchases or executing trades.
X chief executive Linda Yaccarino has said that users will ‘soon’ be able to make investments or trades on the social media platform pic.twitter.com/74EsoGDOEP
— Financial Times (@FT) June 19, 2025
Digital Wallet and Card Product in Development
As part of the move, X plans to introduce X Money, a
digital wallet and peer-to-peer payment service. The platform will launch first
in the United States, with Visa as its initial partner.
According to Yaccarino, the feature will support
tipping creators, storing value, and purchasing merchandise. X is also reportedly exploring the launch of a credit
or debit card, which could become available by the end of the year.
The expansion signals Musk’s ambition to replicate
elements of WeChat’s integrated approach to messaging, payments, and commerce
within a single application.
Regulatory and Business Risks Remain
X’s move into financial services is likely to attract
regulatory scrutiny. Adding payment and investment tools will require
compliance with licensing laws and anti-money laundering regulations, which
could create operational challenges for the company.
The development also comes as X continues to work
toward stabilizing its core advertising business. The company has struggled to
regain lost ad revenue following Musk’s $44 billion acquisition in 2022.
Yaccarino claimed that 96 percent of the company’s
pre-acquisition advertising clients have now returned and said X expects to
return to 2022 ad revenue levels “super soon.” Some brands and agencies,
however, remain cautious.
Advertiser Tensions and Legal Challenges
The company has taken legal action against what it
describes as an industry boycott. Last year, X filed a federal antitrust suit
against the Global Alliance for Responsible Media and several brands, accusing
them of coordinating an illegal boycott.
X also plans to integrate artificial intelligence
tools following its $45 billion acquisition by xAI, Musk’s AI venture.
Yaccarino said the platform now has “double the amount of engineers” working on
systems to improve ad targeting and match content trends in real time.
Despite these efforts, X’s financial performance
remains below its pre-acquisition peak. Research firm Emarketer forecasts that
the company will generate $2.3 billion in revenue this year, up from $1.9
billion in 2023 but well below the $4.1 billion recorded in 2022.
Source link