Musk says X could soon receive payment licenses in New York, California

By and
Illustration shows Twitter's new logo
The new logo of Twitter is seen in this illustration taken, July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
March 6 (Reuters) - Elon Musk said on Wednesday that his social media platform X could soon receive approval for a money transmitter license in New York, putting the platform a step closer to offering payment features.
While speaking at the Morgan Stanley technology, media and telecom conference, Musk also said X could receive its license in California in the next month or so, while getting the New York approval could be "a few months away".
Since acquiring the company formerly known as Twitter in 2022, the billionaire has sought to turn it into an "everything app" like Tencent's (0700.HK), opens new tab dominant WeChat app in China, with features beyond social media, including the ability to send money to other X users.
To offer services across the U.S., experts say X will need a money transmitter license in each state, and Musk has previously said that approval in New York and California would be the most consequential. Those populous states are also known for relatively lengthy approval processes.
Some other states including Pennsylvania and Utah have already granted money transmitter licenses to X.
During the conference, the billionaire who also runs Tesla (TSLA.O), opens new tab and SpaceX said X was considering removing the number of likes and reposts that are currently visible on each post.
The information could visually clutter content on the platform, he said.

Sign up here.

Reporting by Krystal Hu and Sheila Dang; Editing by Sandra Maler and Jamie Freed

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Purchase Licensing Rights

Thomson Reuters

Krystal reports on venture capital and startups for Reuters. She covers Silicon Valley and beyond through the lens of money and characters, with a focus on growth-stage startups, tech investments and AI. She has previously covered M&A for Reuters, breaking stories on Trump's SPAC and Elon Musk's Twitter financing. Previously, she reported on Amazon for Yahoo Finance, and her investigation of the company's retail practice was cited by lawmakers in Congress. Krystal started a career in journalism by writing about tech and politics in China. She has a master's degree from New York University, and enjoys a scoop of Matcha ice cream as much as getting a scoop at work.

Read Next