Elon Musk’s social media platform X (previously often known as Twitter) has taken one other step in the direction of changing into an “everything app” by securing a money-transmitter license from Utah. It was the fifteenth such state license for the platform in the US.
In accordance with the Nationwide Multistate Licensing System & Registry, the state of Utah granted the license to X final week on Friday. Nonetheless, the corporate didn’t formally announce its cost ambitions.
Regardless of the unofficial murmurs, X’s ambitions in the direction of funds have been confirmed final 12 months in June when it acquired the primary state money-transmitter license in New Hampshire. Consecutively, the platform obtained such approvals from Pennsylvania, Arizona, Georgia, Maryland, Michigan, and several other different states.
The cash-transmitter licenses now enable the social media platform to facilitate cash transfers. Just a few state licenses obtained by X additionally allow it to facilitate cryptocurrency funds and supply switch, custody, and change providers for digital property by way of its platform.
JUST IN: X has acquired a cash transmitter license for cost providers in
Utah
— The Spectator Index (@spectatorindex) January 15, 2024
UtahCan X Turn into an “Everything App”?
Twitter was based in 2006. Billionaire Musk, one of many heavy customers of X (then Twitter), acquired the social media platform in October 2022. Musk, who additionally controls an electrical automobile and one other house know-how firm, purchased the social media firm in a hostile takeover for $44 billion and took the corporate personal.
Below Musk’s management, the social media platform quickly discovered itself on the heart of controversies. Following the billionaire’s settlement with an antisemitic account final 12 months, the social media platform suffered from huge advert spending cuts from massive manufacturers. Many outstanding names, together with Apple, Comcast/NBCUniversal, Disney, Warner Bros. Discovery, IBM, Paramount International, Lionsgate, and the European Fee, even pulled out from the platform.
With these roadblocks, Constancy, one of many traders in X, lately lower the platform’s valuation by 71.5 % from the valuation of the unique shares. In accordance with the mutual fund large, X is now solely value $12.5 billion.
In the meantime, Musk additionally stepped down because the CEO of X final 12 months, handing over the costs to Linda Yaccarino. Musk, nonetheless the proprietor and public face of X, now goals to make X an “everything app,” much like WeChat in China, which facilitates from social networking to funds and experience hailing to buying.
Elon Musk’s social media platform X (previously often known as Twitter) has taken one other step in the direction of changing into an “everything app” by securing a money-transmitter license from Utah. It was the fifteenth such state license for the platform in the US.
In accordance with the Nationwide Multistate Licensing System & Registry, the state of Utah granted the license to X final week on Friday. Nonetheless, the corporate didn’t formally announce its cost ambitions.
Regardless of the unofficial murmurs, X’s ambitions in the direction of funds have been confirmed final 12 months in June when it acquired the primary state money-transmitter license in New Hampshire. Consecutively, the platform obtained such approvals from Pennsylvania, Arizona, Georgia, Maryland, Michigan, and several other different states.
The cash-transmitter licenses now enable the social media platform to facilitate cash transfers. Just a few state licenses obtained by X additionally allow it to facilitate cryptocurrency funds and supply switch, custody, and change providers for digital property by way of its platform.
JUST IN: X has acquired a cash transmitter license for cost providers in
— The Spectator Index (@spectatorindex) January 15, 2024
Can X Turn into an “Everything App”?
Twitter was based in 2006. Billionaire Musk, one of many heavy customers of X (then Twitter), acquired the social media platform in October 2022. Musk, who additionally controls an electrical automobile and one other house know-how firm, purchased the social media firm in a hostile takeover for $44 billion and took the corporate personal.
Below Musk’s management, the social media platform quickly discovered itself on the heart of controversies. Following the billionaire’s settlement with an antisemitic account final 12 months, the social media platform suffered from huge advert spending cuts from massive manufacturers. Many outstanding names, together with Apple, Comcast/NBCUniversal, Disney, Warner Bros. Discovery, IBM, Paramount International, Lionsgate, and the European Fee, even pulled out from the platform.
With these roadblocks, Constancy, one of many traders in X, lately lower the platform’s valuation by 71.5 % from the valuation of the unique shares. In accordance with the mutual fund large, X is now solely value $12.5 billion.
In the meantime, Musk additionally stepped down because the CEO of X final 12 months, handing over the costs to Linda Yaccarino. Musk, nonetheless the proprietor and public face of X, now goals to make X an “everything app,” much like WeChat in China, which facilitates from social networking to funds and experience hailing to buying.
The publish Gains Utah Money Transmitter License first appeared on Investorempires.com.
