Elon Musk — the CEO of Tesla and SpaceX and owner of X, formerly known as Twitter — speaks during The New York Times’ annual DealBook summit in New York City, Nov. 29, 2023.
Michael M. Santiago | Getty Images
Elon Musk’s social media platform X, formerly known as Twitter, announced it will launch peer-to-peer payments this year, according to a Tuesday blog post.
X said the payments will unlock “more user utility and opportunities for commerce” as the platform works to “revolutionize 2024.” The blog post did not offer specific details about how the payments will work or when they will officially launch.
According to the Nationwide Multistate Licensing System website, X Payments LLC — the payment subsidiary of X — has only obtained money transmission licenses in 14 states so far.
Introducing peer-to-peer commerce to the platform would mark the latest sweeping change at X since Musk acquired the company for $44 billion in late 2022. Musk, who is also the CEO of Tesla and SpaceX, has been pushing to transform X into an “everything app” where users can carry out a variety of functions, from posting to managing finances.
In a post on X in July, Musk said the company planned to add “comprehensive communications and the ability to conduct your entire financial world.” Months earlier, X introduced a feature in partnership with eToro, a social trading company, that allows users to access cryptocurrencies, stocks and other types of financial assets.
The company said it will also introduce more original content and talent, continue to invest in creators and content partnerships and strengthen ads this year, according to the Tuesday blog post.
“X is not just another app — it’s becoming the everything app, seamlessly uniting experiences into one interface, for everyone,” the company wrote.
X did not immediately respond to CNBC’s request for comment.