Tech billionaire Elon Musk-owned X (formerly Twitter) is adding new finance features — according to CEO Linda Yaccarino, users will soon be able to make investments or trades on the social media platform.
“You’ll be able to come to X and be able to transact your whole financial life on the platform,” Yaccarino said in an interview with the Financial Times at the Cannes Lions advertising festival held between June 16-20. “And that’s whether I can pay you for the pizza that we shared last night or make an investment or a trade. So that’s the future.” She also said the company was exploring the addition on an X credit or debit card, which might come out later this year.
Musk reportedly plans to turn the platform — which he bought in 2022 — into a “super app” similar to China’s WeChat, which offers numerous retail and financial services in addition to messaging. Yaccarino also said, “Soon you’re going to be able to live your whole financial life on the platform,” and listed peer-to-peer (P2P) payments, storing value, paying creators or watching pay-per-view (PPV) events as examples of services the platform would provide.
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X had already announced X Money, a digital wallet and peer-to-peer payment service with Visa as its first partner later this year. According to several reports, X Money is expected to support cryptocurrency transactions. The payments infrastructure has been in development since 2022, with X Payments LLC—the entity managing the initiative—already securing licenses in 41 U.S. states.
Industry insiders revealed in January that Musk aims to obtain regulatory approval from all U.S. states prior to the full-scale launch. Yaccarino also stated that X Money would launch in the U.S. first before being rolled out elsewhere, and said that the service would allow users to buy merchandise, store value or tip creators on the platform.
While Yaccarino says the latest move would allow “a whole commerce ecosystem and a financial ecosystem is going to emerge on the platform,” it would also create regulatory challenges for X including compliance with licensing and money laundering regulations. X has been struggling with its financial health after many advertisers left following Musk’s acquisition of the platform (then known as Twitter) in 2022. Many cited concerns about his hands-off approach to moderation, meaning their ads could be placed near objectionable content, as well as Musk’s own provocative use of the platform.
Yaccarino said that 96% of the company’s advertising clients prior to acquisition had now come back to the platform, and that the company would reach its target of returning to its 2022 advertising levels “super soon.”
Yaccarino also stated there were plans to boost X’s AI capabilities after its merger with xAI in March.
She argued that the tie-up would help better deliver advertising against trending content in real time, adding that she now had “double the amount of engineers” working to improve the platform. However, xAI has also been facing other issues with a Bloomberg report claiming the company is burning through $1 billion a month to meet the heavy financial demands of the AI industry.