Elon Musk's vision to transform X (formerly Twitter) into an "everything app" encompassing comprehensive financial services has encountered significant challenges. Despite securing money transmitter licenses in 38 U.S. states, including California, X has yet to obtain approval in critical regions like New York. This regulatory gap hinders the rollout of its planned payment features, such as peer-to-peer transactions and broader financial services.
In August 2024, X made progress by integrating a "Payments" button into its navigation bar, indicating steps toward enabling in-app financial transactions. However, the absence of necessary licenses in key states has delayed the full implementation of these features.
Additionally, Musk's focus on political discourse and content moderation has diverted attention from the platform's financial service ambitions. This shift in priorities has further impeded the development and deployment of the envisioned financial functionalities.
In summary, while X has made strides in obtaining regulatory approvals and developing payment features, the lack of comprehensive licensing and shifting strategic priorities have delayed the realization of Musk's goal to make X a central hub for users' financial activities.
