Elon Musk’s X To Get Money Transmitter Licenses

Elon Musk-owned social media platform, X (formerly known as Twitter) is soon likely to get a money transmitter license in New York.

The billionaire was speaking at the Morgan Stanley technology, media, and telecom conference, where he also confirmed that the company might obtain its California license within the next month. For the New York license, he noted that the process “could take a few months”.

Musk acknowledged the significance of obtaining approvals in thriving states such as New York and California, due to their relatively lengthy approval processes. Notably, other states, including Pennsylvania and Utah, already granted money transmitter licenses to X.

Once the licenses are approved, it would take X a step closer to being an “everything app” similar to China’s WeChat (Tencent-owned), as envisioned by Musk when he took over the site in 2022.

Musk envisions expanding X’s features beyond social media, incorporating functions like sending money to fellow users on the platform. Experts revealed that for X to offer services across the country, it will need a money transmitter license in each of the United States’ 50 states.

During the conference, Musk, who also oversees Tesla and SpaceX, mentioned that X is contemplating removing the visibility of likes and reposts on each post. He cited concerns about visual mess on the platform, suggesting a potential shift in the user experience.

On February 29, Musk announced a new feature on X, where the site’s recommendation algorithm will ensure that all of a user’s followers see their pinned post every 48 hours. As tried and tested to deter “gaming of the system”, Musk also said that this will only apply to one pinned post every two days.

As part of his “everything app” plans, Musk also shared a post by X Hiring which stated that over a million job postings have been posted across various industries on the social media site, hailing it as a jobs app.

“There are more than 1 million job postings live on X right now! Companies across AI, financial services, SaaS, and more are finding qualified candidates using X Hiring every day,” a post by X Business read.

Since its inception in August 2023, X Hiring is part of a broader strategy to diversify the X offerings. Initially launched for business profiles within its Verification for Organizations package, X Hiring reported rapid growth.

In January’s first week, the microblogging platform announced the availability of 750,000 positions advertised in the app, with the additional 250,000 coming within a matter of weeks.