Elon Musk's X may get another service, Twitter CEO Linda Yaccarino says 'that's the future'
Social media platform
X
(formerly
Twitter
) is moving aggressively into financial services, with CEO
Linda Yaccarino
announcing that users will soon be able to make investments and trades directly on the platform. This push appears to be central to owner
Elon Musk
's ambition to transform X into an "everything app," similar to China's WeChat.
"You'll be able to come to X and be able to transact your whole financial life on the platform," Yaccarino said in an interview with the Financial Times.
'And that's whether I can pay you for the pizza that we shared last night or make an investment or a trade. So that's the future,' she added. Adding to these plans, the company is also exploring the introduction of an X credit or debit card, potentially launching as early as this year.
Twitter is already working on X Money
This foray into finance comes as X has already committed to introducing
X Money
, a digital wallet and peer-to-peer payment service, with Visa as its initial partner later this year. Yaccarino confirmed that X Money will debut in the US first before a global rollout. The service aims to enable users to purchase merchandise, store value and tip creators directly on the platform.
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"A whole commerce ecosystem and a financial ecosystem is going to emerge on the platform that does not exist today," she emphasised.
The platform's pivot to new revenue streams comes as it continues to struggle with financial headwinds. Since Elon Musk's $44 billion acquisition of Twitter in 2022, when it was rebranded as X, the company has seen a mass exodus of advertisers – its primary source of revenue.
Several brands cited concerns over Musk's relaxed approach to content moderation, which could place their ads near objectionable content, as well as the billionaire's own controversial use of the platform.
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