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Elon Musk's X receives money transmitter license in Utah

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Reuters

<p><br/>Elon Musk&#x27;s social media platform X, formerly known as Twitter, on Monday received a money-transmitter license from Utah, the 15th U.S. state to grant approval as the company explores offering payment features.</p><p>Utah granted the approval on Friday, according to the Nationwide Multistate Licensing System &amp; Registry, an online database.</p><p>It grants the company the ability similar to PayPal&#x27;s Venmo, to facilitate money transfers and makes way for the company to allow users to send money to one another.</p><p>The push into payments could help X diversify its business beyond digital advertising, which has suffered setbacks since Musk took ownership.</p><p>Some major advertisers paused their spending or fled the platform after Musk last year agreed with an X user who espoused an antisemitic conspiracy theory. Speaking at a New York Times DealBook event later that month, the billionaire CEO made a profane comment about brands that had suspended their ads on X.</p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2905422" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><p>Since acquiring Twitter in October 2022, Musk has said he envisions remodeling the company into the purveyor of an &quot;everything app&quot; similar to popular Chinese app WeChat, which lets users send messages but also hail a taxi or pay merchants.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/06/23/musks-ai-startup-seeks-to-raise-1-billion">Musk&#x27;s AI startup seeks to raise $1 billion</a></li></ul><p>The company received its first state money-transmitter license in New Hampshire in June last year and also got approved by Pennsylvania, Arizona, Georgia, Maryland and Michigan. <strong>(Reporting by Tanay Dhumal in Bengaluru; Editing by Lisa Shumaker)</strong></p>

Elon Musk's social media platform X, formerly known as Twitter, on Monday received a money-transmitter license from Utah, the 15th U.S. state to grant approval as the company explores offering payment features.