Elon Musk’s “X Money” to Launch Regionally in 2024
Elon Musk is pushing forward with his ambitious plan to introduce “X Money,” a payments platform under his X brand. However, due to regulatory delays, the platform will launch only in select U.S. states this year.
What Is X Money?
X Money, formerly known as X Payments, aims to transform X (formerly Twitter) into a multifunctional platform for social media and payments. Linda Yaccarino, CEO of X, recently described X Money as a priority for the company in 2024. She noted it will “connect users in ways never thought possible.”
Regulatory Hurdles Delay Nationwide Rollout
X Money has successfully secured money transmitter licenses in 38 U.S. states. However, regulatory challenges in New York have slowed progress.
Last year, X withdrew its New York license application due to legal opposition. Concerns over X’s “fitness and character” to manage financial services were raised. These objections stemmed from alleged ties to Saudi investors, including Crown Prince Mohammed bin Salman. Critics claimed that Saudi Arabia’s history of oppression was enabled by the platform, complicating regulatory approval.
Plans for Regional Rollout
Despite these setbacks, X plans to launch X Money regionally in states with approved licenses. Recent app updates suggest users will see localized availability messages, such as “X Money in your state.”
This phased approach will allow X to start operations in approved states while addressing regulatory concerns in others. However, limited availability might slow adoption, and international expansion is still far off.
Challenges Beyond Regulation
Elon Musk’s polarizing political views may also hinder international licensing efforts. Additionally, the limited rollout could impact user interest and adoption rates.
Will Musk’s Vision for X Money Succeed?
Elon Musk envisions X as more than just a social media platform. His goal is to integrate payments, transactions, and other services. While hurdles remain, the regional launch of X Money could provide a crucial first step toward achieving this vision.
Stay tuned for more updates on X Money’s rollout as it navigates regulatory landscapes and tests its viability in the U.S. payments sector.