Elon Musk’s X will soon launch investment and trading features as part of ‘everything app’ vision

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Key Takeaways

X will introduce investment and trading services as part of its financial services expansion.
X is planning a digital wallet and payment service called X Money in collaboration with Visa.

X is set to roll out investment and trading features as Elon Musk advances plans to transform the platform into a full-fledged financial and social ecosystem, said X CEO Linda Yaccarino in a recent interview with the Financial Times.

According to Yaccarino, the ambition is to house not only social networking but a full range of financial tools within a single app.

“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,” said the X CEO.

The company is exploring the introduction of an X credit or debit card, which could launch this year. X also plans to introduce X Money, a digital wallet and peer-to-peer payment service, partnering with Visa. The service will first launch in the US before expanding to other markets, allowing users to buy merchandise, store value, and tip creators.

“A whole commerce ecosystem and a financial ecosystem is going to emerge on the platform that does not exist today,” Yaccarino said.

The expansion comes as X works to recover advertising revenue following Musk’s $44 billion acquisition of the platform in 2022.

Yaccarino reported that 96% of pre-acquisition advertising clients have returned to the platform. Research firm Emarketer projects X’s revenue will reach $2.3 billion this year, up from $1.9 billion last year, though still below 2022’s global sales of $4.1 billion.

The CEO also addressed recent reports about advertising disputes, dismissing as “hearsay” a Wall Street Journal report that claimed several brands received threats to buy ads on X.