Musk's X to offer investment, trading in 'super app' push, FT reports
X CEO Linda Yaccarino has said users will soon be able to make investments or trades on the social media platform, the Financial Times reported on Thursday, a move to support billionaire owner Elon Musk's vision to create an "everything app."
In an interview with the publisher, Yaccarino said the company was exploring the introduction of an X credit or debit card, which could come as soon as this year.
Musk, who in April 2022 clinched a $44 billion deal to buy Twitter and later rebranded it as X, has signaled plans to model it as a "super app," similar to China's WeChat.
The social media platform did not immediately respond to a Reuters request for comment.
"2025 X will connect you in ways never thought possible. X TV, X Money, Grok and more," Yaccarino wrote in a post in December last year.
Payments giant Visa and X partnered to offer direct payment solutions to customers of the social media app, a person familiar with the matter said earlier this year.
A super app, or what Musk refers to as an "everything app," has been described as the Swiss army knife of mobile apps, offering a suite of services for users such as messaging, social networking, payments and e-commerce shopping.
X hired NBCUniversal advertising chief Yaccarino as CEO in 2023 amid advertiser exodus from the platform as they worried that their ads could appear next to inappropriate content.
Yaccarino said that 96% of X's ad clients prior to acquisition had now come back to the platform, the Financial Times report said.
The company is poised for its first year of ad revenue growth this year since its acquisition by Musk, according to data from research firm Emarketer in March.
X had filed a lawsuit in federal court in Texas against the World Federation of Advertisers, accusing them of unlawfully conspiring to boycott the site and causing it to lose revenue.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Andrea Ricci)
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