CEO X Linda Yaccarino announced that users will soon be able to trade and invest directly on this platform, signaling a major step forward in Elon Musk's plan to transform the former Twitter into an "everything app."
Speaking at the Cannes Lions advertising festival, Yaccarino outlined a strategy to promote financial services including digital payments, trading tools, and possibly branded credit or debit cards.
She shared with the Financial Times that: "You can go to X and conduct all your financial transactions on this platform."
"Whether I can pay for the pizza we had together last night or make an investment or some transaction, it is still the future."
X Allows Transactions and Investments with Visa Partnership
The focus of this expansion is X Money, a digital wallet and peer-to-peer payment service that will launch later this year in collaboration with Visa.
Initially launched in the United States, this service is expected to support rewarding creators, purchasing goods, and storing value.
However, the shift to finance can lead to regulatory oversight. X will likely face challenges related to licensing, anti-money laundering compliance, and monitoring of financial market activity.
The company is also navigating a complex advertising environment. Following Musk's $44 billion acquisition in 2022, many advertisers have withdrawn due to concerns about censorship and content safety.
While Yaccarino claimed that 96% of previous advertising clients have returned, skepticism in the industry remains.
Yaccarino dismissed reports from the Wall Street Journal that X threatened brands to advertise as "rumors," citing anonymous sources.
According to the report, several major brands, including Verizon and Ralph Lauren, are said to have agreed to sign advertising contracts after facing pressure. "These are anonymous sources, random third-party commentators," she said.
X is currently involved in a federal antitrust lawsuit against the Global Alliance for Responsible Media and other companies in the advertising industry.
The company accused this group of coordinating boycott activities with the reason of promoting online safety.
Several brands have been removed from the lawsuit, including Unilever, which continued advertising in October.
Research from eMarketer predicts that X's revenue will rise to $2.3 billion this year, although it is still far lower than the $4.1 billion recorded in 2022.
Elon Musk Sells X for xAI
In March, Elon Musk sold the social media platform X to his AI company, xAI, in an all-stock deal that valued xAI at $80 billion and X at $33 billion, including $12 billion in debt.
The timing of this information release comes after a U.S. judge dismissed a motion to dismiss Musk's class action lawsuit accusing him of deceiving shareholders during the initial acquisition of Twitter.
The acquisition has drawn significant criticism, with observers such as Adam Cochran of Cinneamhain Ventures warning that this move increases the legal risks for xAI and raises questions about the structure of the deal.
Cochran stated that Musk has overvalued xAI to absorb X while transferring liabilities and potential user data to this AI company, calling this valuation "extremely n.gullible."
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Users will soon be able to trade and invest on x.
CEO X Linda Yaccarino announced that users will soon be able to trade and invest directly on this platform, signaling a major step forward in Elon Musk's plan to transform the former Twitter into an "everything app." Speaking at the Cannes Lions advertising festival, Yaccarino outlined a strategy to promote financial services including digital payments, trading tools, and possibly branded credit or debit cards. She shared with the Financial Times that: "You can go to X and conduct all your financial transactions on this platform." "Whether I can pay for the pizza we had together last night or make an investment or some transaction, it is still the future." X Allows Transactions and Investments with Visa Partnership The focus of this expansion is X Money, a digital wallet and peer-to-peer payment service that will launch later this year in collaboration with Visa. Initially launched in the United States, this service is expected to support rewarding creators, purchasing goods, and storing value. However, the shift to finance can lead to regulatory oversight. X will likely face challenges related to licensing, anti-money laundering compliance, and monitoring of financial market activity. The company is also navigating a complex advertising environment. Following Musk's $44 billion acquisition in 2022, many advertisers have withdrawn due to concerns about censorship and content safety. While Yaccarino claimed that 96% of previous advertising clients have returned, skepticism in the industry remains. Yaccarino dismissed reports from the Wall Street Journal that X threatened brands to advertise as "rumors," citing anonymous sources. According to the report, several major brands, including Verizon and Ralph Lauren, are said to have agreed to sign advertising contracts after facing pressure. "These are anonymous sources, random third-party commentators," she said. X is currently involved in a federal antitrust lawsuit against the Global Alliance for Responsible Media and other companies in the advertising industry. The company accused this group of coordinating boycott activities with the reason of promoting online safety. Several brands have been removed from the lawsuit, including Unilever, which continued advertising in October. Research from eMarketer predicts that X's revenue will rise to $2.3 billion this year, although it is still far lower than the $4.1 billion recorded in 2022. Elon Musk Sells X for xAI In March, Elon Musk sold the social media platform X to his AI company, xAI, in an all-stock deal that valued xAI at $80 billion and X at $33 billion, including $12 billion in debt. The timing of this information release comes after a U.S. judge dismissed a motion to dismiss Musk's class action lawsuit accusing him of deceiving shareholders during the initial acquisition of Twitter. The acquisition has drawn significant criticism, with observers such as Adam Cochran of Cinneamhain Ventures warning that this move increases the legal risks for xAI and raises questions about the structure of the deal. Cochran stated that Musk has overvalued xAI to absorb X while transferring liabilities and potential user data to this AI company, calling this valuation "extremely n.gullible."