Social Media Platform X Elon Musk Gets Money Sender License From Utah

Elon Musk's Platform X, obtained a license to send money from Utah. (photo: x @elonmusk)

JAKARTA - Elon Musk's social media platform X, formerly known as Twitter, on Monday 15 January obtained a license to send money from Utah. This is the 15th state in the United States to approve when the company explores offering payment features.

Utah gave the approval on Friday, January 12, according to the Nationwide Multistate Licensing System & Registry, an online database.

This license provides companies with similar capabilities to PayPal's Venmo, to facilitate money transfers and pave the way for companies to allow users to send money to each other.

The move into payment could help X to diversify his business outside of digital advertising, which has been in trouble since Musk took over.

Several major advertisers dismissed spending or left the platform after Musk last year agreed with users X voicing an antisemit conspiracy theory. Speaking at the New York Times DealBook event in the same month, the billionaire CEO made harsh comments about the brands suspending their ads on X.

Since acquiring Twitter in October 2022, Musk has stated that he envisions reshuffling the company into a "Everything" app provider similar to the popular Chinese app WeChat, which allows users to send messages but also book taxis or pay merchants.

The company licensed its first state money sender in New Hampshire in June last year and also received approval from Pennsylvania, Arizona, Georgia, Maryland, and Michigan.