Elon Musk Says X Could Have Money Transfer Licenses By Mid-2024 In A Revealing Conversation With Cathie Wood

For years, Elon Musk has dreamed of having a super-app that offers items such as social media, communication and payments. The $44 billion acquisition of Twitter in 2022 by Musk could bring the billionaire one step closer.

Musk shared an update on future financial plans for Twitter, now known as X.

What Happened: A super app goal of X could be closer to reality according to commentary from Musk during a Spaces Thursday.

Musk was asked by Ark Invest CEO Cathie Wood about the super app opportunity and where X stood on having state licenses for financial payments.

"I think we actually have a majority of the states," Musk said.

Musk added that X is just waiting on the final transmitter licenses and having payments on the platform is irrelevant until New York and California approve X.

"It's just bureaucracy."

Musk said things were quite chaotic for the first couple of months and he thought money transfer licenses had been submitted before realizing they were late in submitting.

What's Next: Having payments available on X could take the platform closer to a super app. The move could also put the platform in direct competition with online payments companies such as PayPal Holdings PYPL, which Musk was previously the CEO and largest shareholder.

When asked how close X is to getting all state licenses, the billionaire made a prediction.

"I think we'll get our approvals middle of next year," Musk said.

Musk said he would be surprised if it takes longer than this timeline.

Cryptocurrencies such as Dogecoin DOGE/USD have often jumped on commentary about X adding financial payments. Musk has stated before that X will not offer its own coin, which could lead to existing cryptocurrencies being used alongside traditional payment methods.

Photo: Shutterstock

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